Baht to Slide 1.3% on Fibonacci Sequence: Technical Analysis
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Thailand’s baht may drop 1.3 percent before the end of this quarter after the currency fell below its 200-day moving average today, according to Kasikornbank Pcl.
The baht may decline to 31.61 per dollar, said Kobsidthi Silpachai, head of capital markets research at Kasikornbank in Bangkok, citing a series of numbers known as the Fibonacci sequence. The Thai currency fell 0.4 percent to 31.19 per dollar as of 9:57 a.m. in Bangkok, below its 200-day moving average of