The US Dollar rose against the Ringgit on Thursday and is now trading at 4.3470. The bullish move can largely be explained by the initial downward move the USD made yesterday with the release of Fed interest rate data. As the market was already pricing in the high of 0.5%, the initial reaction was contrary to expectations and caused a devaluation of the Dollar. Today, however, the market begins to make its usual movement according to the rise in interest rates. This initial opposite movement is quite typical, especially when the interest rate decision comes in line with market expectations. From a technical point of view, USDMYR is clearly in an uptrend and a small bearish retracement would be the natural path for the uptrend over the next few days. The uptrend may remain that way up to 4.4300, where it should find important resistance.
