USD/THB risks a potential correction lower – UOB

Pablo Piovano FXStreet

In opinion of Quek Ser Leang at UOB Group’s Global Economics & Markets Research, USD/THB could attempt to test 33.55 ahead of a probable corrective move.

Key Quotes

“We highlighted last Tuesday (10 Aug, spot at 33.45) that ‘while conditions are deeply overbought, further USD/THB strength is not ruled out’. We added, ‘the next resistance is at 33.60 followed by 33.80’.

“Our expectations did not materialize as USD/THB fell sharply to 32.96 before rebounding quickly. The rapid rebound has room to test 33.55 first before the risk of a deeper pullback would increase.”

“The next resistance at 33.80 is unlikely to come under threat.”

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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