USD/THB faces some near-term consolidation – UOB
|Quek Ser Leang at UOB Group’s Global Economics & Markets Research notes USD/THB is seen sticking to the rangebound theme within 32.20/32.80.
Key Quotes
“Last week, we expected USD/THB to weaken further but we were of the view that ‘the next major support at 32.26 could be out or reach’. The subsequent USD/THB weakness exceeded our expectations as it dropped sharply to 32.18 before rebounding.”
“Shorter-term downward momentum is beginning to wane and this coupled with oversold conditions suggest that USD/THB has likely moved into a short-term consolidation phase. In other words, SGD/CNH is likely to trade sideways for today, likely within a 32.20/32.80 range.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.