USD/THB faces the next resistance at 34.75 – UOB

Quek Ser Leang at UOB Group’s Global Economics & Markets Research noted USD/THB still faces a tough up barrier at 34.75 prior to the round level at 35.00.

Key Quotes

“USD/THB dipped to 34.01 late last week, just one pip above the major support at 34.00 before rebounding. At the time writing, USD/THB just moved above last week’s high of 34.54. While overbought, the rapid improvement in momentum suggests there is room for the current USD/THB strength to extend.”

“Resistance is at 34.75. The round-number level of 35.00 is unlikely to come into the picture this week. Support is at 34.35 followed by the still very solid level of 34.00.”