USD/THB faces extra consolidation near term – UOB

Pablo Piovano FXStreet

In the opinion of Markets Strategist Quek Ser Leang at UOB Group, USD/THB is now seen trading within the 34.00-35.00 range in the near term.

Key Quotes

We indicated last Monday that USD/THB could consolidate for few days before dropping to 34.42 later on. We did not anticipate the spike in volatility as USD/THB plunged to a low of 33.75 before rebounding quickly. The sharp drop appears to be overdone and we do not expect USD/THB to weaken. This week, USD/THB is more likely to trade in a range, probably between 34.00 and 35.00.

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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