Further upside pressure in USD/MYR is likely to meet a tough barrier at 4.2360, suggested Quek Ser Leang at UOB Group’s Global Economics & Markets Research.

Key Quotes

“Our expectations for USD/MYR to retest the 4.2360 level did not materialize as it traded between 4.1980 and 4.2285 before closing at 4.2080. USD/MYR opened on a firm note today and the bias for this week appears to be tilted to the upside.”

“That said, any advance is unlikely to break 4.2360 (there is another resistance level at 4.2240). Support is at 4.2050 followed by 4.1960.”