USD/THB risks further decline near term – UOB

Pablo Piovano FXStreet

FX Strategist Quek Ser Leang at UOB Group’s Global Economics & Markets Research sees USD/THB weakening further in the short term.

Key Quotes

“We highlighted last Monday (01 Aug, spot at 36.27) that USD/THB ‘could dip below the rising trend-line support at 35.92’. We added, ‘the next major support at 33.58 (55-day exponential moving average) is not expected to come into the picture’.”

“The anticipated weakness exceeded our expectations as USD/THB dropped to 35.54 on Friday before rebounding quickly. While further USD/THB weakness is not ruled out this week, oversold conditions suggest a sustained decline below 35.50 is unlikely (next support is at 35.20). Resistance is at 36.05 but only a break of 36.36 would indicate that the current downward 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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