USD/THB seen trading between 35.27 and 35.60 – UOB

Pablo Piovano FXStreet

Quek Ser Leang at UOB Group’s Global Economics & Markets Research suggests USD/THB faces further consolidation in the near term.

Key Quotes

“We highlighted last Monday (20 Jun, spot at 35.25) that USD/THB ‘could rise above 35.40 but the next resistance at 35.70 is unlikely to come under threat’. Our view was not wrong as USD rose to a high of 35.58 on Friday.”

“Shorter-term upward momentum has waned somewhat and this coupled with overbought conditions suggests that USD/THB is unlikely to strengthen much further. For this week, USD/THB is more likely to trade between 35.27 and 35.60.”

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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