USD/THB 1H Chart: Long-term channel in sight - Trade Pattern Ideas - Dukascopy Bank

Fri, 01 Nov 2019 12:21:08 GMT
Source: Dukascopy Bank SA
 
Indicator4H1D1W
MACD(12;26;9)SellSellSell
RSI(14)NeutralBuyBuy
Stochastic(5;3;3)NeutralNeutralBuy
Alligator(13;8;5)SellSellSell
SAR(0.02;0.2)SellSellSell
Aggregate

The USD/THB exchange rate has been trading downwards along the lower boundary of the long-term descending channel since August. Currently, the pair is testing the given boundary.  

From a theoretical point of view, it is likely that some upside potential could prevail in the market, as the currency pair should reverse north and target the upper channel line located in the 30.60/31.00 area. 

However, note that the exchange rate is pressured by the 55-, 100– and 200-hour moving averages. Thus, if the given channel does not hold, the US Dollar could maintain its depreciation against the Singapore Dollar.


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