USD/THB risks a corrective move near term – UOB By pabspiovano Thailand Currencies Crosses Banks
“We highlighted last Monday that ‘there is room for the overbought USD/THB advance to extend’. We indicated ‘the round-number level of 35.00 is unlikely to come into the picture’. USD/THB rose to 34.85 last Friday amid deteriorating upward momentum.”
“In other words, the risk is shifting to the downside towards the rising trend-line support . A break of this trend-line could potentially trigger a deeper pullback even though the major support at 34.00 is unlikely to come under threat this week.” If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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