USD/THB seen within 33.10 and 33.60 – UOB

Quek Ser Leang at UOB Group’s Global Economics & Markets Research suggests USD/THB is likely to navigate within the 33.10-33.60 range for the time being.

Key Quotes

“USD/THB popped to a high of 33.60 last week before pulling back sharply. Upward momentum is beginning to wane and this coupled with overbought conditions indicate that USD/THB is unlikely to strengthen much further.”

“For this week, USD/THB is likely to trade between 33.10 and 33.60. Looking ahead, there is room for USD/THB to strengthen further and only a breach of the rising trend-line support (currently at 33.03) would indicate that the current upward pressure has eased.”