USD/THB risks further downside – UOB

Quek Ser Leang at UOB Group’s Global Economics & Markets Research noted USD/THB faces a probable pullback in the near term.

Key Quotes

“USD/THB rose to 33.48 early last week before dropping sharply. The decline has gathered momentum and a break of Jan’s low of 32.81 would not be surprising.”

“For this week, the next major support at 32.56 is likely out of reach (there is another support at 32.65). Resistance is at 33.10 but only a breach of 33.25 would indicate that USD/THB is not ready to head lower.”