USD/IDR: Upside pressure mitigated on a breach of 14,890 – UOB

FX Strategist Quek Ser Leang at UOB Group’s Global Economics & Markets Research suggests USD/IDR could see its upside momentum dwindled below 14,890.

Key Quotes

“Our expectations for USD/IDR to ‘consolidate between 14,770 and 14,920’ were incorrect as it soared to 14,960 last Friday (16 Sep) before extending its advance today. Upward momentum is improving quickly and USD/IDR is likely to advance further this week.”

“That said, July’s peak of 15,033 is likely out of reach for now (there is another resistance at 15,000). On the downside, a breach of 14,890 would indicate that USD/IDR is unlikely to advance further.”