USD/THB soared to a high of 35.60 last Thursday (17 Aug) before pulling back. The pullback in overbought conditions and waning upward momentum indicate that USD/THB has likely moved into a consolidation phase. To look at it another way, 35.60 could be an interim top.

The pullback could extend to 34.95, even though any decline is likely part of a broad 34.95/35.60 consolidation range. In other words, a clear break below 34.95 is unlikely.