USD/THB seen trading between 35.27 and 35.60 – UOB

Quek Ser Leang at UOB Group’s Global Economics & Markets Research suggests USD/THB faces further consolidation in the near term.

Key Quotes

“We highlighted last Monday (20 Jun, spot at 35.25) that USD/THB ‘could rise above 35.40 but the next resistance at 35.70 is unlikely to come under threat’. Our view was not wrong as USD rose to a high of 35.58 on Friday.”

“Shorter-term upward momentum has waned somewhat and this coupled with overbought conditions suggests that USD/THB is unlikely to strengthen much further. For this week, USD/THB is more likely to trade between 35.27 and 35.60.”