USD/THB faces some near-term consolidation – UOB
|In the view of Markets Strategist Quek Ser Leang at UOB Group, USD/THB could face some consolidative mood in the short term.
Key Quotes
We did not anticipate USD/THB to drop sharply to a low of 34.495 last week (we were expecting it to trade in a range). This week, oversold short-term conditions could lead to a few days of consolidation first.
Looking ahead, as long as USD/THB stays below 34.95, it could drop to 34.42 later on. This week, the next major support at 34.21 is unlikely to come under threat.
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.