USDMYR Technical Analysis

The US Dollar was lower against the Ringgit on Thursday and is now trading at 4.1955. Despite the 0.25% rise in the Dollar’s interest rate, the US currency fell, and this is because the market was already anticipating this high for a few weeks, causing the Dollar to rise before the release of the actual information on the interest rate hike. Still, the tone adopted by the Fed was considered quite mild by several analysts. From a technical point of view, even with the initial drop, USDMYR is expected to hold above the 4.1776 level over the next few days as a breakout below this level is unlikely at this time. If USDMYR manages to stabilize above 4.2050, it could move up to 4.2400 in a few days.