USD/THB faces solid support around 30.92 – UOB

Quek Ser Leang at UOB Group’s Global Economics & Markets Research noted further downside in USD/THB looks likely ahead of the solid support around 30.92.

Key Quotes

“USD/THB traded mostly sideways last week before dropping to 31.03 on Friday. Downward momentum has improved, albeit not by much.”

“For this week, USD/THB could drift lower but any weakness is unlikely to threaten the major support at 30.92. Resistance is at 31.18 but only a break of 31.28 would indicate that the current downside risk has dissipated.”