USD/THB could climb further and retest 35.66 – UOB

Further upside could motivate USD/THB to revisit the 35.66 level in the near term, comments Markets Strategist Quek Ser Leang at UOB Group.

Key Quotes

Our view for USD/THB to trade in a range between 34.90 and 35.66 last week was incorrect. Instead of trading in a range, USD/THB rose to a high of 35.66. Upward momentum has increased, albeit not much.

This week, as long as USD/THB stays above 35.28, it could rise above the 35.66 level. In view of the overbought short-term conditions, the chance of USD/THB breaking above June’s peak of 35.74 is not high.