USDMYR as expected last week met resistance below 3.3451 and support at 3.3270.
On the daily chart, the pair has breached the lower support line of ascending channel on Friday at around the 50% retracement of swing low 3.1825 and swing high 2.3676. The 50% retracement has been a major support level in recent weeks and with MACD Histogram bouncing from the centre line I am expecting the pair to go lower before retesting the lower line of the ascending channel.
On the downside the next support is at 3. 2430 while on the upside I am looking resistance at 3.3120 with the next resistance at 3.3640.
