USD/THB: Next strong up barrier comes at 35.70 – UOB

Quek Ser Leang at UOB Group’s Global Economics & Markets Research suggested further upside in USD/THB could retest 35.40 ahead of 35.70.

Key Quotes

“We highlighted last Monday (13 May, spot at 34.85) that USD/THB ‘is likely to break 35.00 but any further advance is expected to face solid resistance at 35.40’. While USD/THB subsequently took out 35.00, it did not challenge the resistance at 35.40 (high of 35.31 last Friday).”

“Shorter-term conditions are overbought but as long as 34.85 is not breached, USD/THB could rise above 35.40. The next resistance at 35.70 is unlikely to come under threat.”