USD/THB faces some consolidation sooner than extra upside – UOB

Quek Ser Leang, Markets Strategist at UOB Neighborhood, suggests USD/THB would possibly perchance transfer actual into a consolidative phase sooner than doable extra features within the near term.

Key Quotes

“Closing Monday (30 Jan, put at 32.78), we highlighted that ‘the combo of waning downward momentum and oversold conditions suggests USD/THB has moved actual into a consolidation phase’ and we anticipated USD/THB to ‘exchange sideways between 32.60 and 33.05.’ Nonetheless, USD/THB surged to a high of 33.51 on Friday.”

“While USD/THB prolonged its advance this week, deeply overbought conditions counsel it will consolidate for a few days first before heading increased. That said, any advance is anticipated to face trusty resistance at 34.00 (minor resistance is at 33.85). General, most efficient a smash of 33.16 (minor toughen is at 33.forty five) would demonstrate that USD/THB is no longer any longer advancing further.”

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