USD/THB: Interim top at 35.60? – UOB

Pablo Piovano FXStreet

In the view of Markets Strategist Quek Ser Leang at UOB Group, USD/THB could have charted an interim top at 35.60 for the time being.

Key Quotes

USD/THB soared to a high of 35.60 last Thursday (17 Aug) before pulling back. The pullback in overbought conditions and waning upward momentum indicate that USD/THB has likely moved into a consolidation phase. To look at it another way, 35.60 could be an interim top.

The pullback could extend to 34.95, even though any decline is likely part of a broad 34.95/35.60 consolidation range. In other words, a clear break below 34.95 is unlikely.

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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