USD/THB: All the attention is now on 38.00 – UOB

Pablo Piovano FXStreet

FX Strategist Quek Ser Leang at UOB Group’s Global Economics & Markets Research suggests USD/THB could retest and surpass the 38.00 barrier in the near term.

Key Quotes

“Last Monday (19 Sep, spot at 36.25), we highlighted that USD/THB ‘could consolidate for a few days before heading higher to 37.20’. USD/THB rose above on 37.20 on Wednesday and continued to rise and today in Asia, it took out another strong resistance at 37.80.”

“The impulsive momentum suggests USD/THB is likely to rally further. A break of 38.00 seems likely and will shift the focus to 38.25. On the downside, 37.35 is a solid support and this level is unlikely to come under threat this week.”

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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