USD/THB sticks to the consolidative theme – UOB

Pablo Piovano FXStreet

USD/THB is still expected to trade within the 33.40-33.95 range for the time being, suggested Quek Ser Leang at UOB Group’s Global Economics & Markets Research.

Key Quotes

“In our update from last Monday (27 Sep, spot at 33.41), we held the view that USD/THB ‘is likely to trade between 33.10 and 33.60’. Our view was incorrect as USD/THB surged to a high of 34.00 before pulling back sharply. Overbought conditions coupled with early signs of waning momentum indicates that USD/THB is unlikely to strengthen from here.”

“For this week, USD/THB is expected to trade between 33.40 and 33.95. Looking ahead, a break of the rising trend-line (currently 33.35) would indicate that the USD/THB strength that started in early September has run its course.”

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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