USD/THB faces some range bound trade near term – UOB – by pabspiovano Thailand Currencies Crosses Banks
“We highlighted that last Monday that ‘short-term upward momentum is beginning to build and the bias for USD/THB this week is tilted to the upside’. We added, ‘Looking ahead, the next resistance above 34.00 is at 34.20’.”
“The anticipated USD/THB exceeded our expectations as it took out both 34.00 and 34.20 and surged to a high of 34.64. The sharp and rapid rise in a short time suggests the advance is likely overdone. In other words, USD/THB is unlikely to strengthen much. This week, USD/THB is more likely to consolidate between 33.90 and 34.65.”Information on these pages contains forward-looking statements that involve risks and uncertainties.
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