USD/THB: A potential drop to 34.58 appears on the cards – UOB

Pablo Piovano FXStreet

A potential retracement of USD/THB to the 34.58 level should not be ruled out in the near term, argues Markets Strategist Quek Ser Leang at UOB Group.

Key Quotes

USD/THB dropped sharply to low of 34.58 last Wednesday before ending the week on a weak note at 34.85 (-1.32%). Downward momentum has increased, albeit not much.

This week, as long as USD/THB stays below 35.22 (minor resistance is at 35.00), it could dip below 34.58 before a more sustained rebound is likely. The major support at 34.08 is unlikely to come under threat.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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