USD/THB: Decline could extend to 35.65 – UOB

In the view of Markets Strategist Quek Ser Leang at UOB Group, further weakness could drag USD/THB to revisit the 35.65 level in the short term.

Key Quotes

The current price action in USD/THB since the 37.24 high earlier this month is likely part of an ongoing pullback. The pullback has scope to extend to 35.65 before stabilisation can be expected.

At this time, the likelihood of a sustained break below 35.65 is not high. Resistance is at 36.20; however, only a breach of 36.25 would indicate that the weakness in USD/THB has stabilised.