USD/THB: Potential upside on the cards near term – UOB

Pablo Piovano FXStreet

In the opinion of Markets Strategist Quek Ser Leang at UOB Group, further gains in USD/THB appears on the table in the short-term horizon.

Key Quotes

We did not anticipate the strong rise in USD/THB as it soared to a high of 34.81 last week (we were expecting it to trade in a range). Rapidly improving momentum is likely to lead to further USD/THB strength this week.

However, the major resistance at 35.00 could be just out of reach. Overall, only a breach of 34.30 would indicate that the current upward pressure has eased.

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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