USD/THB faces some range bound trade near term – UOB

Pablo Piovano FXStreet

UOB Group’s Market Strategist Quek Ser Leang suggests USD/THB could now navigate within the 33.90-34.65 range in the short-term horizon.

Key Quotes

“We highlighted that last Monday (13 Feb, spot at 33.75) that ‘short-term upward momentum is beginning to build and the bias for USD/THB this week is tilted to the upside’. We added, ‘Looking ahead, the next resistance above 34.00 is at 34.20’.”

“The anticipated USD/THB exceeded our expectations as it took out both 34.00 and 34.20 and surged to a high of 34.64. The sharp and rapid rise in a short time suggests the advance is likely overdone. In other words, USD/THB is unlikely to strengthen much. This week, USD/THB is more likely to consolidate between 33.90 and 34.65.”

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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