Per Market Strategist Quek Ser Leang at UOB Group, a sustained fall below 34.30 in USD/THB appears to be like unlikely for the time being.
Key Quotes
“We highlighted last Monday (27 Feb, jam at 35.13) that ‘further USD/THB energy appears to be like to be seemingly’. We added, ‘in behold of the overbought stipulations, USD/THB might presumably get the main resistance at 35.57 delicate to smash’. While USD/THB subsequently rose to 35.39 on Tuesday, the surprisingly consuming pullback from the excessive took out just a few stable toughen levels.”
“The pullback amid the soundless overbought stipulations means that 35.39 will seemingly be a momentary high. The pullback has scope to elongate but any decline is considered as a lower procuring and selling differ of 34.30/34.90. In other phrases, a sustained decline below 34.30 is unlikely.”
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