USD/THB faces strong resistance around 36.60 – UOB

FX Strategist Quek Ser Leang at UOB Group’s Global Economics & Markets Research noted further upside in USD/THB is likely to meet a tough barrier around 36.60.

Key Quotes

“USD/THB rose to a high of 36.36 last week before pulling back. Upward momentum has improved, albeit not by much. For this week, there is room for USD/THB to strengthen but in view of the lackluster upward momentum and overbought conditions, any further advance is likely limited to a test of 36.60.”

“The major resistance at 35.00 is not expected to come into the picture. Support is at 35.82 followed by 35.58.”