USD/THB seen surpassing 33.48 near term – UOB

Quek Ser Leang at UOB Group’s Global Economics & Markets Research noted USD/THB could extend the upside momentum to the 33.48 level.

Key Quotes

“We highlighted last Monday (07 Mar, spot at 32.85) that ‘Chance of USD/THB breaking the declining trend-line resistance at 33.05 has increased’. We added, ‘The next resistance is at 33.30’. Our view turned out to be correct as USD/THB cracked the trend-line resistance before soaring to 33.33 last Friday. USD/THB extended its advance upon opening today and upward momentum remains strong.”

“A break of 33.48 appears likely but in view of the overbought shorter-term conditions, the early Jan high at 33.74 could be out of reach this week. Support is at 33.20 but the key support is at the 55-day exponential moving average, currently at 32.94.”