USD/THB 1H Chart: Bulls likely to prevail

Note: This section contains information in English only.
Source: Dukascopy Bank SA

Indicator 4H 1D 1W
 MACD(12;26;9) Buy Sell Sell
 RSI(14) Neutral Neutral Buy
 Stochastic(5;3;3) Sell Neutral Buy
 Alligator(13;8;5) Buy Sell Sell
 SAR(0.02;0.2) Buy Sell Sell
 Aggregate

The USD/THB currency pair reached the lower boundary of the long-term descending channel located circa 31.20 at the end of January.  

As apparent on the chart, recently the exchange rate re-tested the lower channel line. From a theoretical point of view, bulls should prevail in the market within following sessions. A possible upside target is the resistance level formed by the monthly PP at 31.63. 

If given does hold, the rate reverses south and targets the Fibonacci 100.00% retracement at 31.11. Otherwise, the pair goes towards the Fibonacci 61.80% retracement at 32.03.

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