A potential retracement of USD/THB to the 34.58 level should not be ruled out in the near term, argues Markets Strategist Quek Ser Leang at UOB Group.
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USD/THB dropped sharply to low of 34.58 last Wednesday before ending the week on a weak note at 34.85 (-1.32%). Downward momentum has increased, albeit not much.
This week, as long as USD/THB stays below 35.22 (minor resistance is at 35.00), it could dip below 34.58 before a more sustained rebound is likely. The major support at 34.08 is unlikely to come under threat.
Source: https://www.fxstreet.com/news/usd-thb-a-potential-drop-to-3458-appears-on-the-cards-uob-202312041321