USD/MYR: Extra gains likely above 4.2060 – UOB

USD/MYR could advance further once 4.2060 is cleared, according to Quek Ser Leang at UOB Group’s Global Economics & Markets Research.

Key Quotes

“After trading in a quiet manner for a few weeks, USD/MYR popped to a high of 4.2060 last Thursday (24 Feb). Upward momentum is beginning to build and if USD/MYR could break above 4.2060, it would likely head higher towards the early Jan’s high of 4.2150.”

“On the downside, support is at 4.1740 followed by 4.1620. The latter level is acting as a very solid support and is unlikely to come under threat, at least not within these couple of weeks.”