USD/THB: Further consolidation remains on the cards – UOB

Markets Strategist at UOB Group Quek Ser Leang suggests USD/THB could navigate within the 32.55-33.05 range in the next few weeks.

Key Quotes

“After dropping to a low of 32.57 last Monday (23 Jan), USD/THB traded sideways for the rest of the week. The combination of waning downward momentum and oversold conditions suggests USD/THB has moved into a consolidation phase.”

“In other words, USD/THB is expected to trade sideways, likely between 32.60 and 33.05. Looking ahead, if USD/THB breaks and holds below 32.55, it could signal a decline to 32.35.”