USD/THB could still test 32.85 – UOB

Pablo Piovano FXStreet

Quek Ser Leang at UOB Group’s Global Economics & Markets Research noted USD/THB could push higher and reach 32.85.

Key Quotes

“We highlighted last Monday that ‘impulsive upward momentum suggests that USD/THB could strengthen further’ but we were of the view that ‘the major resistance at 32.50 is likely out of reach’.

“The subsequent USD/THB strength exceeded our expectations as it popped to a high of 32.73 on Friday before easing off. Despite deeply overbought conditions, there is room for USD/THB to test 32.85 first before a more sustained pullback can be expected.”

“For this week, a break of the 2020 high of 33.18 would come as a surprise (there is another minor resistance at 33.00). Support is at 32.37 followed by 32.25.”

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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