USD/THB: Potential upside on the cards near term – UOB

In the opinion of Markets Strategist Quek Ser Leang at UOB Group, further gains in USD/THB appears on the table in the short-term horizon.

Key Quotes

We did not anticipate the strong rise in USD/THB as it soared to a high of 34.81 last week (we were expecting it to trade in a range). Rapidly improving momentum is likely to lead to further USD/THB strength this week.

However, the major resistance at 35.00 could be just out of reach. Overall, only a breach of 34.30 would indicate that the current upward pressure has eased.