USD/THB faces a tough support around 34.00 – UOB

Pablo Piovano FXStreet

According to Quek Ser Leang at UOB Group’s Global Economics & Markets Research, USD/THB appears well contained by the 34.00 region.

Key Quotes

“Last Tuesday (17 May), when USD/THB was trading at 34.62, we highlighted that ‘risk is shifting to the downside and a break of the rising trend-line support at 34.32 could potentially trigger a deeper pullback’. We added, ‘the major support at 34.00 is unlikely to come under threat this week’. USD/THB cracked the rising trend-line support on Friday and dropped to 34.24.”

“Downward momentum has improved and the risk for this week is still on the downside. However, the 34.00 level is a solid support and may not yield so easily. Overall, only a breach of 34.65 would indicate that the current downward pressure has eased.”

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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