Market Analysis: The USDTHB pair shows a tendency to move sideways to slightly stronger after US economic data released last night came in relatively robust. Core PCE inflation for May (the Fed’s preferred gauge) stood at 3.4% YoY, while headline PCE was at 4.1% YoY, indicating persistent inflationary pressures.
Additionally, Q1 GDP was revised up to 2.1% from the initial 1.6% estimate, and initial jobless claims fell to 215,000 (lower than the expected 225,000), reflecting a strong labor market that could support the USD and reduce Fed rate cut expectations. Today, investors are eyeing the University of Michigan Consumer Sentiment Index and inflation expectations at 21:00, along with speeches from Fed officials John Williams (21:30) and Neel Kashkari (22:30). Hawkish remarks could further boost the USD.
Technical Outlook: The overall technical chart for USDTHB remains in a sideways pattern, with the price holding above the key support zone of 33.30-33.34. The RSI is at 69.61, indicating neutral to slightly overbought conditions, while the MACD remains above the signal line with a positive histogram, showing that buyers still hold the momentum advantage. Volume Profile analysis indicates a heavy volume accumulation zone at 33.39-33.40; staying above this level with increasing volume will boost the chances of testing the resistance target at 33.45-33.48. However, beware of profit-taking at 33.40 or a potential morning rally in the Thai stock market that could strengthen the Baht and pressure the pair back to support.
Support Level : 33.34-33.30
Target : 33.45-33.48
Stop Loss : 33.28