USDTHB Technical Analysis

The US Dollar has been in an uptrend for several days against the Thai Baht and is now trading at 32.93. Since the beginning of this bullish movement on the 10th of June, the USDTHB has already risen 6.12% and is now approaching an important resistance area. Such a steep bullish move tends not to last very long and soon subsides due to the profit taking of investors who bought at the beginning of the move. This Friday, the market is paying attention to the Services PMI data for the US Dollar, which provides insight into purchasing managers’ confidence in the US economic future. If this number comes in higher than forecast, it could mean that the Dollar will continue its rally against the Thai Baht. From a technical point of view, it is unlikely that the price will manage to break above the resistance at 33.15 without making at least a small retracement.