USD/THB now seems consolidative near term – UOB

Pablo Piovano FXStreet

Markets Strategist at UOB Group Quek Ser Leang notes USD/THB seems to have moved into a consolidation theme as of late.

Key Quotes

“We highlighted last Monday (14 Nov, spot at 35.76) that the risk for USD/THB is on the downside. However, we indicated that ‘the major support at 35.06 is unlikely to come into view’. We added, ‘there is a minor support at 35.45’. Our view was not wrong as USD/THB dropped to 35.39 before rebounding quickly.”

“USD/THB appears to have moved into a consolidation phase and it is likely to trade between 35.42 and 36.62 this week.

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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