USD/THB: Further upside in the pipeline – UOB

Quek Ser Leang at UOB Group’s Global Economics & Markets Research suggests there are further gains in store for USD/THB in the short-term horizon.

Key Quotes

“We highlighted last Monday (21 Mar, spot at 33.47) that ‘there is room to USD/THB to rise to 33.67 before a more sustained pullback is likely’. We added, ‘a break of 33.74 appears unlikely’. USD/THB rose to 33.72 on Thursday (24 Mar) before easing off slightly.”

“USD/THB took out 33.74 earlier today (28 Mar) and shorter-term upward momentum has improved considerably. The risk for this week is still on the upside but last December’s high at 34.00 is likely out of reach for now (there is another resistance at 33.84). Support is at 33.60 but only a breach of 33.50 would indicate that the current upward pressure has eased.”