USD/THB keeps targeting 38.46 – UOB

Pablo Piovano FXStreet

Markets Strategist Quek Ser Leang at UOB Group’s Global Economics and Markets Research suggests further upside could prompt USD/THB to test the 38.46 level in the near term.

Key Quotes

“While USD/THB gained 2.05% last week, upward momentum has not improved by much. That said, there is room for USD/THB to test Sep’s high of 38.46 before the risk of a pullback increases.”

“Minor resistance is at 38.38. To put it another way, a sustained raise above 38.46 is unlikely. On the downside, a breach of 37.60 (minor support is at 37.90) would suggest USD/THB Is unlikely to advance further”

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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