USD/THB seen trading between 35.27 and 35.60 – UOB
|Quek Ser Leang at UOB Group’s Global Economics & Markets Research suggests USD/THB faces further consolidation in the near term.
Key Quotes
“We highlighted last Monday (20 Jun, spot at 35.25) that USD/THB ‘could rise above 35.40 but the next resistance at 35.70 is unlikely to come under threat’. Our view was not wrong as USD rose to a high of 35.58 on Friday.”
“Shorter-term upward momentum has waned somewhat and this coupled with overbought conditions suggests that USD/THB is unlikely to strengthen much further. For this week, USD/THB is more likely to trade between 35.27 and 35.60.”
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.