The Malaysian Ringgit (MYR) could test the 3.8000 psychological levels in the days ahead but… we think that the weakness may not last.
The 3.8000 level may be a touch and go, and we might see the MYR strengthen back into the 3.4500-3.7500 range in the months to come.
The next best alternative is a zigzag, which could be deep but we believe that it is of a lower probability scenario.
Longer term, we still see a lot more weakness for the MYR, potentially reaching the 4.0000 mark (sometime in 2016) following the breach of the 2009 low of 3.7365. (Read Report)
Source : CIMB Research