USD/IDR seen navigating the 14,240-14,380 range for the time being, noted Quek Ser Leang at UOB Group’s Global Economics and Markets Research.

Key Quotes

“While we indicated last Monday that ‘downward pressure has eased’, we expected USD/IDR to ‘trade between 14,200 and 14,330’. However, USD/IDR soared to a high of 14,398 before pulling back sharply. The sharp pullback amid overbought shorter-term conditions suggests that USD/IDR is unlikely to strengthen further.”

“For this week, USD/IDR is more likely to consolidate and trade between 14,240 and 14,380. Looking ahead, the bias is tilted to the upside as long as the rising trend-line support (currently at 14,210) is not breached.”