USD/THB still faces some consolidation – UOB

Pablo Piovano FXStreet

Quek Ser Leang at UOB Group’s Global Economics & Markets Research sees USD/THB navigating within the 33.20-33.70 range for the time being.

Key Quotes

“We highlighted last Monday (11 Oct, spot at 33.79) that ‘upward momentum has waned further and the chance for USD/THB to break the rising trend-line support has increased’. We added, ‘a break of the trend-line would indicate that the USD/THB strength from early September has run its course’.”

“While our view for a break of the rising trend-line was not wrong, we did not anticipate the subsequent sharp sell-off that sent USD/THB plummeting to 33.15. Note that 33.15 was close to the 55-day exponential moving average.”

“The rebound from 33.15 amid oversold shorter-term conditions indicates that USD/THB is unlikely to weaken further. For this week, USD/THB is more likely to trade between 33.20 and 33.70.”

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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