According to Quek Ser Leang of UOB Group’s Global Economics & Markets Research, USD/MYR is predicted to trade in a range in the immediate term, most likely between 4.1380 and 4.1650.
“We stated last Monday (28 June, spot at 4.1510) that ‘conditions remain overbought, and the possibility for USD/MYR to break over 4.1700 is not high.’
‘USD/MYR is anticipated to consolidate and trade between 4.1350 and 4.1630 this week,’ we noted. Even though USD/MYR traded in a narrower range than projected (4.1410/4.1640), our prediction was correct. The USD/MYR fluctuation is still seen as part of a consolidation.”
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In other words, USD/MYR could move sideways for the rest of the week, most likely between 4.1380 and 4.1450.”/n
