There is a robust hurdle at 15,840 – UOB

Further upside momentum in USD/IDR should meet strong resistance around 15,840, suggests Markets Strategist Quek Ser Leang at UOB Group.

Key Quotes

Our view for USD/IDR to weaken further last week was incorrect. Instead of weakening further, USD/IDR rebounded from 15,500 to 15,710 and ended the week at 15,690 (-0.22%). The rebound only resulted in a slight increase in momentum.

This week, while there is room for USD/IDR to rebound further, any advance is highly unlikely to break above the major resistance at 15,840 (minor resistance is at 15,770). Support is at 15,615, followed by 15,570.