FX Strategist Quek Ser Leang at UOB Group’s Global Economics & Markets Research suggests USD/THB could retest and surpass the 38.00 barrier in the near term.
“Last Monday (19 Sep, spot at 36.25), we highlighted that USD/THB ‘could consolidate for a few days before heading higher to 37.20’. USD/THB rose above on 37.20 on Wednesday and continued to rise and today in Asia, it took out another strong resistance at 37.80.”
“The impulsive momentum suggests USD/THB is likely to rally further. A break of 38.00 seems likely and will shift the focus to 38.25. On the downside, 37.35 is a solid support and this level is unlikely to come under threat this week.”