We expected USD/MYR to consolidate in a range of 4.6540/7.7550 last week. USD/MYR then traded between 4.6540 and 4.7210 before ending the week at 4.6780 (-0.59%). USD/MYR edged lower in Asian trade today, and downward momentum appears to be building again, albeit tentatively.

This week, USD/MYR is likely to trade with a downward bias, but any decline is unlikely to reach the early November low, near 4.6280 (there is another support at 4.6400). Resistance is at 4.7150, followed by 4.7350.