USDMYR Technical Analysis

The US dollar gained some strength against the Ringgit this Thursday and is now trading at 4.6890, +0.13% today. Despite the upward movement, the main feeling in USDMYR is indecision, as the price traded as high as 4.6960 at the beginning of the session before falling again. The sentiment of indecision comes due to mixed data coming from the US. The Initial Jobless Claims brought a lower-than-expected reading (201k actual against 225k forecast), which tends to be positive for the USD. However, data from the Philadelphia Fed Manufacturing Index came in much lower than expected (-13.5 real against -0.7 forecast) and this tends to be negative for the USD. From a technical point of view, USDMYR is in an important resistance region on the daily chart and if the price manages to break below 4.6800, it could fall to 4.6300 in a few days.