USD/THB: Next resistance comes at 34.20 – UOB

Pablo Piovano FXStreet

Markets Strategist Quek Ser Leang at UOB Group notes USD/THB faces a solid barrier at the 34.20 level.

Key Quotes

“Last Monday (07 Feb, spot at 33.62), we highlighted that ‘deeply overbought conditions suggest USD/THB could consolidate for a couple of days first before heading higher’. While USD/THB subsequently consolidated, it did not make any headway on the upside. That said, short-term upward momentum is beginning to build and the bias for USD/THB this week is tilted to the upside.”

“Overall, barring a breach of 33.35 (minor support is at 33.55), the chance of USD/THB breaking 34.00 is increasing. Looking ahead, the next resistance above 34.00 is at 34.20.”

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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