USD/THB: Extra gains above 34.55 seems unlikely – UOB

In the view of Market Strategist Quek Ser Leang at UOB Group, a sustained advance north of 34.55 in USD/THB appears out of favour for the time being.

Key Quotes

“We highlighted last Monday (03 Apr, spot at 34.35) that “USD/THB is likely to edge higher but a sustained rise above 34.55 is unlikely”. Our expectation did not materialize and USD/THB traded between 33.78 and 35.46 before ending the week slightly higher at 34.20 (+0.16%).”

“The underlying tone still appears to be firm and we continue to h old the view that USD/THB could edge higher this week. However, a sustained rise above 34.55 still appears unlikely (next resistance is at 34.75). On the downside, a breach of 34.05 would indicate that USD/THB is not strengthening further.”