USD/THB faces some consolidation near term – UOB

Quek Ser Leang at UOB Group’s ‘Global Economics & Markets Research’ suggests USD/THB could keep the 34.15-34.65 range well in place in the near term.

Key Quotes

“We highlighted last Monday (30 May, spot at 34.05) that ‘a break of 34.00 could potentially trigger a rapid decline to 33.81’. However, USD/THB did not break 34.00 as it rebounded strongly from 34.05.”

“Downward momentum is waning and the solid support at 34.00 is not expected to come under threat. For this week, USD/THB is likely to trade within a range of 34.15/34.65.”