USD/THB: Room for extra upside near term – UOB

Pablo Piovano FXStreet

Markets Strategist Quek Ser Leang at UOB Group suggests further strength in USD/THB remains on the cards for the time being.

Key Quotes

“We expected USD/THB to edge higher last week but we were of the view that ‘a sustained rise above 34.55 appears unlikely’. Our expectations did not materialize and USD/THB traded in a relatively quiet manner between 33.97 and 34.41 before settling slightly higher for the week (Friday’s close of 34.27, +0.20%).”

Upward momentums has improved somewhat and this week USD/THB is likely to trade with an upward bias. However, USD/THB is still unlikely to rise above 34.75 in a sustained manner (the next resistance level is at 34.75). Support is at 34.20, followed by 34.05.”

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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