USD/THB: Short-term top in place – UOB – by pabspiovano Thailand Currencies Crosses Banks
“We highlighted last Monday that ‘further USD/THB strength appears likely’. We added, ‘in view of the overbought conditions, USD/THB may find the major resistance at 35.57 difficult to break’. While USD/THB subsequently rose to 35.39 on Tuesday, the surprisingly sharp pullback from the high took out a few strong support levels.”
“The pullback amid the still overbought conditions suggests that 35.39 could be a short-term top. The pullback has scope to extend but any decline is viewed as a lower trading range of 34.30/34.90. In other words, a sustained decline below 34.30 is unlikely.”Information on these pages contains forward-looking statements that involve risks and uncertainties.
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