USDMYR Technical Analysis

The US Dollar rose sharply against the MYR on Friday and is now trading at 4.3920. The broad upward movement comes amid rising tensions between Russia and the European Union, as the Kremlin has announced that it does not accept the possibility of Finland and Sweden joining NATO. This prompted investors to start looking for security assets like the US Dollar. The bullish move also comes against the expectation of a rise in MYR caused by the unexpected rise in interest rates in Malaysia. From a technical point of view, the USDMYR finds itself in an important resistance region on the daily chart. If the price shows signs of weakness, it can drop to 4.2900 in a few days.