Despite being a public holiday in the US (Martin Luther King, Jr. Day), the US Dollar rose +0.48% against the Ringgit this Monday and is now trading at 4.6675. The upward movement is the beginning of a possible breakout of the downtrend line on the daily chart, which has been in place since October 26, 2023. Investors should pay attention to the release of US Core Retail Sales data on Wednesday, as this indicator shows household consumption trends in the USA. From a technical point of view, it is possible that the price will rise to the 4.7050 region over the next few days, where it should encounter important resistance on the daily chart. An alternative scenario could occur if the price manages to break below the 4.6450 area, in which case the USDMYR could fall to the 4.5850 level over the next few weeks.
