USD/IDR is seen picking up pace in the near term, suggests Markets Strategist Quek Ser Leang at UOB Group.

Key Quotes

We highlighted last Monday (19 Jun, spot at 14,975) that USD/IDR “is likely to rise further to 15,015.” We added, “The next resistance at 15,045 is unlikely to come under threat.” The anticipated USD/IDR strength exceeded our expectations as it rose to a high of 15,050. Despite the advance, upward momentum has not improved much.

That said, there is room for USD/IDR to rise further even though the odds for it to break clearly above 15,100 are not high (there is another resistance at 15,070). Support is at 14,975, followed by 14,925.