USD/THB faces extra consolidation near term – UOB

Pablo Piovano FXStreet

In opinion of Markets Strategist Quek Ser Leang at UOB Group, USD/THB is seen navigating within a range bound theme in the short-term horizon.

Key Quotes

While we expected USD/THB to strengthen last week, we highlighted that “”in view of the overbought short-term conditions, the chance of USD/THB breaking above June’s peak of 35.74 is not high.” USD/THB rose more than expected as it soared to 35.85 before closing slightly higher at 35.69 (+0.11%) on Friday. Conditions remain overbought, and USD/THB is unlikely to strengthen much further.

This week, USD/THB is likely to trade sideways at these higher levels, probably between 35.40 and 35.90.

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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