As expected USDMYR reversed downward on Monday. The drop was substantial that it negated the whole of last week gain. Referring to the MACD, RSI and the lag, the pair still has the momentum to move further downward. The immediate support is at 3.17 and any break of this level the next support is at 3.10.
With EU announcing USD750 Billion fund for to prevent spreading of sovereign debt crisis in the region, risk aversion sentiment is expected to be contained and the US Dollar upward moved curtailed.
