USD/THB faces some near-term consolidation – UOB

Pablo Piovano FXStreet

In the view of Markets Strategist Quek Ser Leang at UOB Group, USD/THB could face some consolidative mood in the short term.

Key Quotes

We did not anticipate USD/THB to drop sharply to a low of 34.495 last week (we were expecting it to trade in a range). This week, oversold short-term conditions could lead to a few days of consolidation first.

Looking ahead, as long as USD/THB stays below 34.95, it could drop to 34.42 later on. This week, the next major support at 34.21 is unlikely to come under threat.

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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