USD/THB 1H Chart: Bearish momentum
The US Dollar has been depreciating against the Thai Baht in a short-term descending channel after the exchange rate reversed from the upper boundary of a long-term descending channel at 33.05.
As apparent on the chart, the currency pair has breached the support level formed by a combination of the 100– and 200-period SMAs (4H). Given this fact, it is likely that the downside momentum still prevails in the nearest time. The most probable downside target during the following trading sessions is the Fibonacci 50.00% retracement at 32.31.
In the unlikely event that some bullish pressure still prevails in the market, the US Dollar should not exceed the Fibonacci 23.60% retracement at 32.94.
As apparent on the chart, the currency pair has breached the support level formed by a combination of the 100– and 200-period SMAs (4H). Given this fact, it is likely that the downside momentum still prevails in the nearest time. The most probable downside target during the following trading sessions is the Fibonacci 50.00% retracement at 32.31.
In the unlikely event that some bullish pressure still prevails in the market, the US Dollar should not exceed the Fibonacci 23.60% retracement at 32.94.