Movement of the dollar Thai baht comment September 6, 2010
USD/THB to range-trade after Friday''''s USD-buying intervention by BOT. THB''''s recent rise substantial, central bank closely monitoring, says Assistant Gov. Suchada. Bangkok trader says USD/THB rebound unlikely to last even though BOT 'was buying in quite large amounts,' pair could test 31.00 this week. next week,' says Bangkok-based trader. Daiwa Securities tips slide to 30.80 at end-2010, 29.70 at end-2011 as capital flows into Thailand persist. Dow Jones technical analysis shows immediate support at 31.05 (Friday''''s low), then 31.00 (March 2008 trough). Initial resistance at 31.45 (Aug 31 high), then 31.65 (Aug 24 peak).
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