USD/THB: Next strong up barrier comes at 35.70 – UOB

Pablo Piovano FXStreet

Quek Ser Leang at UOB Group’s Global Economics & Markets Research suggested further upside in USD/THB could retest 35.40 ahead of 35.70.

Key Quotes

“We highlighted last Monday (13 May, spot at 34.85) that USD/THB ‘is likely to break 35.00 but any further advance is expected to face solid resistance at 35.40’. While USD/THB subsequently took out 35.00, it did not challenge the resistance at 35.40 (high of 35.31 last Friday).”

“Shorter-term conditions are overbought but as long as 34.85 is not breached, USD/THB could rise above 35.40. The next resistance at 35.70 is unlikely to come under threat.”

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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