USD/THB faces extra gains near term – UOB

Pablo Piovano FXStreet

Quek Ser Leang at UOB Group’s Global Economics & Markets Research comments on the prospects for USD/THB in the near term.

Key Quotes

“While we expected USD/THB to strengthen last Monday (22 Nov, spot 32.87), we were of the view that ‘the declining trend-line resistance is unlikely to come into the picture’. However, USD/THB easily cracked the trend-line and surged to a high of 33.76 on Friday. Strong upward momentum is likely to lead to further USD/THB strength.”

“That said, the year-to-date high at 34.00 could be just out of reach for this week. Support is at 33.48 followed by a solid level at 33.14. Looking ahead, the next resistance level above 34.00 is at 34.25.”

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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