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USD/THB Testing Key Resistance

THB

Spot USD/THB is testing a critical resistance from the THB34.000 figure, as the rate is poised to complete a bullish ascending triangle pattern. The rate last operates +0.040 at THB33.980.

  • A clearance of THB34.000, which happens to virtually coincide with the 61.8% Fibo retracement of the 2015 - 2020 sell-off (THB34.026), would open up Jul 11, 2017 high of THB34.140. Bears see Mar 31 low of THB33.195 as their key initial target.
  • Former Dep PM Somkid has accepted the offer to become the prime ministerial candidate of the newly created Sang Anakhot Thai Party, although it is not clear yet when the next general election will be held. Meanwhile, Paetongtarn Shinawatra refused to confirm if she will serve as the prime ministerial candidate of the main opposition Pheu Thai Party.
  • Thailand's industrial output will hit the wires on Thursday, before the release of BoP data on Friday.
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