USD/THB faces the next resistance at 34.25 – UOB

Pablo Piovano FXStreet

Quek Ser Leang at UOB Group’s Global Economics and Markets Research suggests further upside in USD/THB should meet the next hurdle of note at 34.25.

Key Quotes

“Our view for USD/THB last week was that ‘there is room for USD/THB to test the major resistance at 33.81 before the risk of a pullback would increase’. However, USD/THB rose above 33.81 and today, it has edged slightly above 34.00. Note that USD/THB tried to move above 34.00 twice last year but failed both times.”

“If USD/THB can maintain a foothold above 34.00 within these few days, it is likely to strengthen further. Resistance levels are at 34.25 and 34.40. Overall, the risk for USD/THB is on the upside as long as it does not move below 33.70.”

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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