USD/THB faces prospects for extra upside – UOB

Pablo Piovano FXStreet

FX Strategist Quek Ser Leang at UOB Group’s Global Economics & Markets Research noted USD/THB is poised to extend the upside in the near term.

Key Quotes

“Last Monday (22 Aug, spot at 35.85), we highlighted ‘further USD/THB strength appears likely even though overbought conditions suggest that 36.36 is unlikely to come into the picture’. Our view was not wrong as USD/THB subsequently rose to 36.34 before dropping to 35.78. USD/THB rebounded strongly from the low and today (29 Aug), it out 36.36. The rapid improvement in momentum suggests USD/THB could strengthen further.”

“That said, July’s high at 36.95 is unlikely to come into the picture for this week (there is another resistance level at 36.70). Overall, USD/THB is expected to trade on a firm footing as long as it does not move below 35.90 (minor support is at 36.10).”

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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