Markets Strategist at UOB Group Quek Ser Leang suggest USD/THB risks a deeper retracement in the near term.

Key Quotes

“After trading in a relatively quiet manner for a few weeks, USD/THB lurched lower last week and closed sharply lower by 2.38% (Friday’s close of 33.78). Not surprisingly, downward momentum is strong.”

“USD/THB extended its decline today, and it is likely to continue to weaken. While a break of the support at 33.15 is likely, oversold conditions suggest a break of the next support at 32.80 is less likely this week. Resistance is at 33.63, the strong resistance at 34.05 is unlikely to come under threat this week.”