USD/MYR is now expected to remain sidelined within the 4.1800-4.2100 range so far, suggested Quek Ser Leang at UOB Group’s Global Economics & Markets Research.

Key Quotes

“We highlighted last Monday (14 Mar, spot at 4.2030) that risk for USD/MYR has shifted to the upside but ‘it is premature to expect a break of the major resistance at 4.2150’. USD/MYR subsequently rose to 4.2100 before pulling back to trade sideways, albeit in a choppy manner.”

“The movement is viewed as part of a consolidation and USD/MYR is likely to trade sideways for this week, expected to between 4.1800 and 4.2100. Looking ahead, if USD/MYR closes above 4.2100, it would increase the odds for a sustained rise above 4.2150.”