He said the baht may stop strengthening and swing sideways because it has risen beyond the estimated support level far too much due to Thai stocks and bonds transactions from foreign investors and the selling of gold.

He said the US Federal Reserve is likely to hike the interest rate more than expected and the conflict between Ukraine and Russia will pressure the market into a risk-off state and push the dollar to strengthen.

Poon said these factors will stop the baht from strengthening in the short term.

He suggested speculating on foreign investors’ transactions of Thai assets and the direction of gold price. He said if investors continue selling those assets, it will cause the baht to strengthen.

The support level for the Thai currency will be from 32.40 – a level importers are waiting for so they can purchase dollars, while its resistance level will lie between 32.80 to 33 – a level eyed by exporters so they can offload their dollars, he said.