Further upside not ruled out in USD/IDR – UOB

USD/IDR looks poised to extend the uptrend although it faces a tough barrier around 14,990, according to FX Strategist Quek Ser Leang at UOB Group’s Global Economics & Markets Research.

Key Quotes

“We expected USD/IDR to break the declining trend-line resistance last week. Our view was not wrong as USD/IDR edged above the trendline last Friday (02 Sep) before rising sharply upon opening today. Rapid improvement in upward momentum suggests USD/IDR is likely to advance further.”

“For this week, USD/IDR is unlikely to challenge the resistance at 14,990. On the downside, support is at 14,840 followed by 14,790.”