USD/THB: Tough support aligns at 36.10 – UOB

Pablo Piovano FXStreet

Quek Ser Leang, FX Strategist at UOB Group’s Global Economics & Markets Research, noted that further decline in USD/THB is likely to meet solid contention around 36.10.

Key Quotes

“Our view for USD/THB to ‘rise above 36.95’ last week was incorrect as it dropped below the rising trend-line support. Daily MACD is weakening rapidly and this coupled with the breach of the rising trend-lines support is likely to lead to a lower USD/THB this week.”

“That said, any weakness is expected to encounter solid support at 36.10. On the upside, resistance is at 36.60 but only a breach of 36.80 would indicate 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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