USD/THB: Room for extra upside near term – UOB

Markets Strategist Quek Ser Leang at UOB Group suggests further strength in USD/THB remains on the cards for the time being.

Key Quotes

“We expected USD/THB to edge higher last week but we were of the view that ‘a sustained rise above 34.55 appears unlikely’. Our expectations did not materialize and USD/THB traded in a relatively quiet manner between 3.97 and 34.41 before settling slightly higher for the week (Friday’s close of 34.27, +0.20%).”

Upward momentums has improved somewhat and this week USD/THB is likely to trade with an upward bias. However, USD/THB is still unlikely to rise above 34.75 in a sustained manner (the next resistance level is at 34.75). Support is at 34.20, followed by 34.05.”