The US dollar rose +0.21% against the Ringgit at the beginning of the session, only to fall again throughout the day. USDMYR is currently trading with a gain of +0.11% compared to the beginning of the day at 4.7290. Despite the upward movement, the main sentiment is one of indecision, as both buyers and sellers showed practically the same level of interest in the market. The S&P Global US Manufacturing PMI data for January came in higher than expected (50.3 real against 47.9 forecast) and this favoured the dollar a little today. From a technical standpoint, USDMYR just touched a major resistance region on the daily chart at 4.7350. The Relative Strength Index (RSI) indicator is at 70.88 and readings above 70 tend to show buyer exhaustion. If USDMYR manages to break below 4.7220, it could fall to the 4.6550 region in a few days.
USDMYR Technical Analysis
