Markets Strategist Quek Ser Leang at UOB Group has given updates on the USD/IDR currency pair.
The strategist stated that extra losses in USD/IDR should meet tough contention around 14,440 for the time being.
The key quotes read,
“USD/IDR dropped to a low of 14,620 last week. Downward momentum is building and USD/IDR is likely to weaken further.”
“However, oversold conditions suggest any decline is likely to be at a slower pace and is unlikely to break the major support at 14,440. Resistance is at 14,790; a breach of 14,880 would indicate that the weakness in USD/IDR has stabilized.”
United Overseas Bank Limited, often known as UOB, is a Singaporean multinational banking corporation headquartered in Singapore, with branches mostly found in most Southeast Asian countries.