USD/THB expected to surpass 33.00 – UOB

Quek Ser Leang at UOB Group’s Global Economics & Markets Research sees USD/THB advancing beyond 33.00 in the near term.

Key Quotes

“USD/THB continues with its upward trajectory and is currently holding not far below the 33.00 level. Despite slowing momentum, there is room for USD/THB to edge above 33.00 even though overbought conditions suggest that USD/THB may not be able to maintain a foothold above this level.”

“For this week, the 2020 high of 33.18 is not expected to come into the picture (next resistance is at 33.25). On the downside, a breach of the bottom of the rising channel (currently at 32.80) would increase the risk of a short-term top.”