The continuation of the downward bias could drag USD/IDR to the strong support around 15,320 in the near term, according to Markets Strategist Quek Ser Leang at UOB Group.
We did not anticipate the sharp drop in USD/IDR last week (we were expecting it to rebound further). USD/IDR continues to drop today, and the risk for this week is still on the downside. That said, it remains to be seen if USD/IDR can break clearly below the major support at 15,320.
Looking ahead, if USD/IDR breaks clearly below this level, the focus will shift to 15,220. The downside risk is intact as long as USD/IDR stays below 15,590 (minor resistance is at 15,510).