USD/THB: Solid resistance lies at 32.96 – UOB

Quek Ser Leang at UOB Group’s Global Economics & Markets Research comments on the prospects for USD/THB.

Key Quotes

“Last week, we highlighted that ‘shorter-term downward momentum is beginning to wane and this coupled with oversold conditions suggest that USD/THB has likely moved into a short-term consolidation phase’ and we expected USD/THB to ‘trade sideways within a 32.20/32.80 range’.”

“USD/THB subsequently traded between 32.33 and 32.84.  Upward momentum is showing tentative signs of picking up and the bias for this week is tilted to the upside. That said, any advance is expected to face solid resistance at 32.96. On the downside, support is at 32.60 followed by 32.30.”