“Last Monday (30 Jan, spot at 32.78), we highlighted that ‘the combination of waning downward momentum and oversold conditions suggests USD/THB has moved into a consolidation phase’ and we expected USD/THB to ‘trade sideways between 32.60 and 33.05.’ However, USD/THB surged to a high of 33.51 on Friday.”
“While USD/THB extended its advance this week, deeply overbought conditions suggest it could consolidate for a couple of days first before heading higher. That said, any advance is expected to face solid resistance at 34.00 (minor resistance is at 33.85). Overall, only a break of 33.16 (minor support is at 33.45) would indicate that USD/THB is not advancing further.”
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