MYR: Strengthening against USD
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhUbgIG5BRfC_IG5Ef_BGQJqMTN4oi1ggiLLQHmdtiurje5O7ibNVcu5WuHPDIKkU3q90S2ex97aqbZDw1qxQSBh4oWb_WOIgH_UYj0M1Be0Q6UgJeZszBRipNgg2q5ScYsnb6_/s1600/USD-MYR+2-year+20141222.gif)
Chart 1: USD/MYR's weekly chart as at April 22, 2015 (Source: XE.com)
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhQJvMtuHIeFHU-N4VnhRVDLCqycHiKCVA7KVs8opTmcIRpG4w2DYX3ER1OASahah5hTwFJVB9rpWi4EwCxLa0WlxAoeo6RUAA-XrIL981eUUNLUmDjiLi_Z3T_bew2tS2IGBjz/s1600/USD-MYR+10-yr+20150422.gif)
Chart 1: USD/MYR's monthly chart as at April 22, 2015 (Source: XE.com)
The drop in USD/MYR may not be attributable to the strengthening of our Ringgit. It is likely to be the weakening of the US Dollar, which has a fine rally over the past 12-15 months. If we look at Chart 3, we can see that SGD/MYR is still in the uptrend with support at 2.68. Then again, SGD/MYR has been in an upward channel for the past 10 years (see Chart 4). The immediate support & resistance at 2.50 & 2.75, respectively.
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEguuIbryg7ENh8rdsilBXtwGcfBB7Zwh6nQI69k69KkZeJI-e-3R3KFAtKes9jkdgcjN2U0CjznOBrwxOGT3ePLDCODY6qjjeVaHl7aMfcjRDYpHby7m4jmDmvx2kZNPe1F12-a/s1600/SGD-MYR+2-year+20141222.gif)
Chart 3: SGD/MYR's weekly chart as at April 22, 2015 (Source: XE.com)
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhhLMEXzvvlkiShmMiHzEBG8dqUJY7UNFC-R26xhN997ZF63ymfUwRKyBUbATcQ7fnVDygvU2SJGUZ9p3XzK-DLn7h8ym8Hn5mrk671akymbg4SDlpf-XNhyphenhyphenG7HUNpGqPkYUFOx/s1600/SGD-MYR+10-year+20141222.gif)
Chart 4: SGD/MYR's monthly chart as at April 22, 2015 (Source: XE.com)
Meanwhile we can see that the downtrend for JPY/MYR may be over while EUR/MYR may find support at 3.80.
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhcutsqcMOql6GosU7KlixptRzTDRA9XitjV-F4ZkEDdT9oupHPBNE4r7Gw0ao3dhdnQtFARcqOe0sdg0h_WJTrDh95M8To2Wf_2BLOg8A2_PRBeBpvJylNyQbHxxzdTYIAxy6F/s1600/JPY-MYR+10-yr+20150422.gif)
Chart 5: JPY/MYR's monthly chart as at April 22, 2015 (Source: XE.com)
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhp-VkxOFjZlcELE4fkuOFM-M_meaDNo-ySyKuBifTJQY_Zi-PKcl64-Rli20drCVVYrkAV7VSK6LCLpW0VUqD7rGOQsOZ80e6DDklo6mriOsYaJLz3wDARrTE-Zw_V4Ncp-X-q/s1600/EUR-MYR+10-yr+20150422.gif)
Chart 6: EUR/MYR's monthly chart as at April 22, 2015 (Source: XE.com)
Going forward, I believe our Ringgit is likely to strengthen in line with the improvement in the prices of crude oil, which is a very important export commodity for Malaysia.
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