Markets Strategist Quek Ser Leang at UOB Group’s Global Economics and Markets Research suggests further upside could prompt USD/THB to test the 38.46 level in the near term.

Key Quotes

“While USD/THB gained 2.05% last week, upward momentum has not improved by much. That said, there is room for USD/THB to test Sep’s high of 38.46 before the risk of a pullback increases.”

“Minor resistance is at 38.38. To put it another way, a sustained raise above 38.46 is unlikely. On the downside, a breach of 37.60 (minor support is at 37.90) would suggest USD/THB Is unlikely to advance further”