Since the middle of December, the USD/THB exchange rate has been trading sideways within a symmetrical triangle pattern. As apparent on the chart, the rate has broken the lower pattern line.
Given that the currency pair is pressured by the 55-, 100– and 200-period moving averages in the 30.00 area, it is likely that some downside potential could prevail in the market. The pair could re-test the psychological level at 29.75.
In the meantime, it is unlikely that bulls could prevail in the market, and the exchange rate could exceed the psychological level at 30.40 in the medium term.
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