USDTHB breaking below 33.00 by month-end - a look at the probabilities
Been watching $USDTHB lately and it's certainly had a bit of a run down from its highs. We're currently sitting around 33.31, and I'm wondering about the likelihood of it pushing through the 33.00 handle by the end of the month. On one hand, the recent momentum is clearly to the downside. We've seen a pretty consistent move lower, and if that general sentiment holds, a further drop isn't out of the question. Looking at the daily range today, we hit 33.24 at the low, so there's still a bit of a gap to cover.
However, 33.00 feels like it could be a psychological level, and potentially a technical one too if you zoom out on the charts a bit. I'd put the odds of seeing USDTHB close below 33.00 by say, October 31st, somewhere around 40-45%. My reasoning is that while the trend is down, there could be some profit-taking or short-term support forming around that mark. Plus, any unexpected news out of the US or Thailand could easily shift sentiment. It's a tricky call, but I lean slightly against a strong breach, more towards a test and maybe a bounce or consolidation around 33.00-33.10. What are others seeing in the charts or feeling about the macro backdrop for this pair?
I've been noticing the USDTHB movement too. What do you think is driving the recent downside momentum? Is it mostly US dollar weakness or something more specific to the Thai economy?