USD/THB: Risks extra weakness below 34.23 – UOB

Pablo Piovano FXStreet

Markets Strategist Quek Ser Leang at UOB Group suggests further losses are likely in USD/THB as long as the 34.23 level caps the upside.

Key Quotes

“We did not expect the sharp drop in USD/THB to a low of 33.66 last week (we were expecting USD/THB to trade in a range of 34.05/34.50). There is room for USD/THB to decline further, oversold short-term conditions could lead to a couple of days of consolidation first.”

“The support level to watch is 33.54. In order to keep the current momentum going, USD/THB must stay below 34.23.”

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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