USD/THB Forecast Today - 20/06: USD Grinds Vs THB (Chart)

(MENAFN- Daily Forex)

• The US dollar has gone sideways against the Thai baht over the last several trading weeks, as we continue to hang around the 36.65 region.
• This is a market that obviously is going to be considered to be exotic, but it also gives us a bit of a“heads up” into what traders may think about developing Asian economies.
• After all, Thailand has been taking quite a bit of production away from China for a while, and of course Thailand is an area where a lot of Westerners are okay with investing in manufacturing, etc.

Technical Analysis

If you look at my other analysis for the day, specifically the Swiss franc versus the Singapore dollar, you'll note that I had mentioned there might be a move away from Asia, and when you also look at the Japanese yen, you could make a bit of an argument for this. That being said, this is a pair that also gives you a glimpse into that world. Because of this, the technical analysis might be something worth paying attention to the in this pair, the CHF/SGD pair, and of course the USD/JPY pair. Overall, it shows the same thing: that money is leaving Asia.

Top Forex Brokers

• 1 Get Started 74% of retail CFD accounts lose money

While I think this might be a temporary thing, it's worth noting that the 50-Day EMA sits just below current levels, and then after that we have support at the 36.33 level, followed by the 200-Day EMA near the 36 level. On the upside, we have the 37 level offering resistance, but we have broken above there previously, and you can even start to squint a bit and argue that we are trying to form some type of ascending triangle.

While is not necessarily the cleanness of the ascending triangle, it does suggest that perhaps we continue to see a lot of pressures underneath, and I do think that it is probably only a matter of time before we see the market continue to go higher. After all, the world is most certainly having a gravel with the idea of

massive debt issues, and the demand for US dollars will only pick up over the longer term for emerging markets, as they generally borrow in US dollars. To pay back the debt, they will have to buy more and more.

Ready to trade our Forex daily forecast ? We've shortlisted the best forex broker list for you to check out.

MENAFN20062024000131011023ID1108354764