USD/THB faces some near-term consolidation - UOB

Pablo Piovano FXStreet

In the opinion of FX Strategist Quek Ser Leang at UOB Group’s Global Economics & Markets Research, USD/THB could move into a consolidative phase in the short term.

Key Quotes

“Last Monday (12 Sep, spot at 36.45), we highlighted that USD/THB is likely to weaken but we were of the view that ‘any weakness is expected to encounter solid support at 36.10’. USD/THB subsequently dropped to 36.19 before lifting off and surged to 37.10. The rapid improvement in upward momentum is likely to lead to further USD/THB strength.”

“That said, short-term conditions are overbought and USD/THB could consolidate for a few days before heading higher to 37.20. Support wise, a breach of 36.45 would indicate that the build-up of upward momentum has fizzled out.”

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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