KUALA LUMPUR (Dec 2): The technical outlook for the ringgit remains weak as all indicators are pointing to strong negative pressure, according to Hong Leong IB Research (HLIB).

In a note Tuesday, the research house said readings from all indicators showed that upside momentum was still picking up but at slower velocity.

“Hence, US dollar – ringgit (USDMYR) is expected to test the high of 3.45 on 5 Feb 2010.

“Next resistances are targeted at 3.52 and 3.60. However, since USDMYR is about to turn into overbought zone, it would likely find its supports at 3.41, 3.38 and 3.34,” said HLIB.