USD/THB: Next resistance of note comes in at 31.75 – UOB

The upside momentum in USD/THB remains well and sound and faces the next tough hurdle at the 31.75 level, noted Quek Ser Leang at UOB Group’s Global Economics & Markets Research.

Key Quotes

“We did not anticipate the strong surge in USD/THB last week. The rally is accompanied by strong momentum and a break of the year-todate high at 31.60 would not be surprising.”

“However, shorter-term conditions are deeply overbought and the next resistance at 31.75 could be out of reach within this week. Support is at 31.35 followed by 31.20.”