USD/THB: Further gains still on the cards – UOB

Quek Ser Leang at UOB Group’s Global Economics & Markets Research noted that USD/THB could still reach the 33.00 level.

Key Quotes

“Our expectation for USD/THB to ‘edge above 33.00’ did not materialize as it traded in a quiet manner within a 31.82/32.99 range last week. While upward momentum is beginning to wane, there is still room for USD/THB to edge above 33.00.”

“However, the 2020 high of 33.18 is not expected to come into the picture. On the downside, support is at 32.80 but only a break of 32.66 would increase the risk of a deeper pullback.”