USD/THB faces a major support at 33.58 – UOB

Quek Ser Leang at UOB Group’s Global Economics & Markets Research noted USD/THB risks further decline in the near term.

Key Quotes

“The sharp drop in USD/THB late last week is gathering momentum. The decline in USD/THB could dip below the rising trend-line support. At the time of writing, the trend-line support is at 35.92.”

“For this week, the next major support at 33.58 (55-day exponential moving average) is not expected to come into the picture. On the upside, a break of 36.70 (minor resistance is at 36.50) would indicate that USD/THB is unlikely to weaken further.”