Last Monday (18 Sep, spot at 4.6835), we highlighted that “there is room for USD/MYR to edge above June’s high of 4.6880.” We also highlighted that “The next major resistance at 4.7000 is unlikely to come into view.” Our view was not wrong, as USD/MYR rose to a high of 4.6960. Despite the advance, there is no increase in momentum, and USD/MYR is unlikely to rise further.

This week, USD/MYR is more likely to trade in a range, probably between 4.6650 and 4.6960.