USD/THB 1H Chart: Potential reversal
The Thai Baht has been appreciating against the US Dollar since the end of August. This movement is bounded by a descending channel.
Currently, the currency pair is trading near the lower channel line at 32.43. From the theoretical point of view, the pair could reverse from the lower boundary of given channel and aim for the resistance cluster formed by a combination of the 55-, 100– and 200-hour SMAs in the 32.60/32.73 range. An important resistance level to look out for is the Fibonacci 38.20% retracement at 32.59.
Technical indicators for the 1W time-frame also support bullish scenario.
Currently, the currency pair is trading near the lower channel line at 32.43. From the theoretical point of view, the pair could reverse from the lower boundary of given channel and aim for the resistance cluster formed by a combination of the 55-, 100– and 200-hour SMAs in the 32.60/32.73 range. An important resistance level to look out for is the Fibonacci 38.20% retracement at 32.59.
Technical indicators for the 1W time-frame also support bullish scenario.