USD/MYR May Try Again To Test Depeg Low At 3.1225

USD/MYR may try again to test depeg low at 3.1225 after close encounter yesterday; for now, BNM appears to be comfortable with ringgit strength as most Asian currencies trending higher. 'If the 3.1200 support level breaks, we could see the pair falling to 3.1100 very quickly,' says KL dealer. Dow Jones technical analysis shows initial support at 3.1225 (12-year low), below at 3.1020 (Fibonacci projection). Initial resistance at 3.1550 (Aug 19 high), above at 3.1900 (Aug peak).