USD/THB now seems consolidative near term – UOB

Markets Strategist at UOB Group Quek Ser Leang notes USD/THB seems to have moved into a consolidation theme as of late.

Key Quotes

“Our view for SGD/CNH to ‘trade with a downward bias’ last week was incorrect as it edged to a high of 5.2114 last Friday (18 Nov 2022). Upward has improved, albeit not by much.”

“For this week, SGD/CNH is likely to edge higher but any advance is expected to face solid resistance at 5.2250. On the downside, a breach of 5.1600 (minor support is at 5.1720) would indicate that the current mild upward pressure has eased.”