USD/THB: Scope for a retest of 34.55 – UOB – by pabspiovano Thailand Currencies Crosses Banks
“We expected USD/THB to rebound further but we were of the view that ‘any advance is unlikely to break the major resistance at 34.20 this week’. We did not anticipate the surge in momentum as USD/THB soared to a high of 34.52. While short-term conditions are rather overbought, the rapid rise in USD/THB has room to test 34.55 before the risk of a more sustained pullback increases.”
“The next resistance at 34.75 is unlikely to come into view. On the downside, a break of 34.05 would indicate that the current upward pressure has faded.”Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.
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