USD/THB faces a tough resistance around 35.57 – UOB

Market Strategist at UOB Group Quek Ser Leang noted further upside in USD/THB is expected to meet a solid hurdle around 35.57.

Key Quotes

“We highlighted last Monday (20 Feb, spot at 34.35) that USD/THB is likely to consolidate between 33.90 and 34.65. Our view was incorrect as USD/THB continues to rally (high of 35.00 last Friday).”

“Further USD/THB strength appears likely this week in view of the overbought conditions, USD/THB may find the major resistance at 35.57 difficult to break. On the downside, any pullback is likely to stay above the major support level at 34.60. On a shorter-term note, 34.85 is already quite a strong support level.”