USDMYR Technical Analysis

The US Dollar rises +0.46% against the Ringgit this Monday and is now trading at 4.7150, the highest price since November 2022. The upward movement comes amid the release of data from the ISM Purchasing Managers Index (PMI) for the USD, which came higher than expected (49 real against 47.7 forecast). Because the PMI measures the level of confidence that companies’ purchasing managers have in the economic future, it is seen as an important indicator for understanding future demand for goods, products, and services. Investors should pay attention to the release of the ISM Non-Manufacturing PMI for the USD, along with the ADP Nonfarm Employment data, both for Wednesday. From a technical point of view, today’s upward movement shows the possible breakout of the resistance region on the daily chart, and it is possible that USDMYR will rise towards the 4.7450 region over the next few days.