Quek Ser Leang at UOB Group’s Global Economics & Markets Research noted USD/THB could still attempt a move to the 33.67 level in the near term.

Key Quotes

“Last Monday (14 Mar, spot at 33.43), we highlighted that ‘upward momentum remains strong’. We added, ‘A break of 33.48 appears likely but in view of the overbought shorter-term conditions, the early Jan high at 33.74 could be out of reach this week’. Our view was not wrong as USD/THB cracked 33.48 and rose to 33.57 before pulling back.”

“While upward momentum has eased somewhat, there is room to USD/THB to rise to 33.67 before a more sustained pullback is likely. A break of 33.74 appears unlikely. Support is at 33.28 followed by 33.09.”