USD/THB faces some consolidation near term – UOB

Pablo Piovano FXStreet

In the opinion of Markets Strategist Quek Ser Leang at UOB Group, USD/THB is likely to navigate within a consolidative phase for the time being.

Key Quotes

After USD/THB rose to a high of 35.60 and pulled back, we highlighted last Monday (21 Aug, spot at 35.28) that “the pullback in USD/THB could extend to 34.95, but any decline is likely part of a 34.95/35.60 consolidation range.” We also highlighted that “a clear break below 34.95 is unlikely.” USD/THB weakened more than expected as it dropped to 34.84 before rebounding. Despite the drop to 34.84, there is no significant increase in downward momentum.

This week, we expect USD/THB to trade in a range, probably between 34.88 and 35.52.

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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