USD/THB: Next support comes at 34.80 – UOB
Further decline in USD/THB is expected to meet the next contention zone around 34.80, notes Markets Strategist Quek Ser Leang at UOB Group.
Key Quotes
Our view for USD/THB to “rebound further” last week was incorrect. Instead of rebounding further, USD/THB plummeted to a fresh 21/2-month low of 35.00 before ending the week on a weak note at 35.14 (-2.52%). The outsized decline is severely oversold, but with no signs of stabilisation yet, USD/THB could weaken to 34.80 before stabilisation is likely.
The next support at 34.60 is unlikely to come under threat. Resistance is at 35.30; is USD/THB breaks above 35.60, it would mean the weakness has stabilised.
Reprinted from FXStreet_id，the copyright all reserved by the original author.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.