risks a probable move to the 4.5100 region in the near term, suggests Markets Strategist Quek Ser Leang at UOB Group.The selloff that sent USD/MYR plunging by 3.06% last week came as a surprise . The outsized decline appears to be overextended, and USD/MYR is unlikely to weaken much further. It is worth noting that the 3.06% decline is the largest 1-week drop since March 2020.
This week, there is a chance for USD/MYR to drop to 4.5100. At this stage, the likelihood of USD/MYR breaking clearly below the major support at 4.4880 is not high. Resistance is at 4.5700, followed by 4.5870. Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.
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