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FxWirePro: Thai baht falls gradually against U.S. dollar, upside limited

  • USD/THB is currently trading around 31.60 marks.
     
  • It made intraday high at 31.61 and low at 31.53 marks.
     
  • Intraday bias remains bullish till the time pair holds key support at 31.30 mark.
     
  • On the top side, key resistances are seen at 31.65, 31.75, 31.92, 32.00, 32.13, 32.28, 32.39, 32.46, 32.61 and 32.85 marks respectively.
     
  • Alternatively, a daily close below 31.55 will drag the parity down towards key supports around 31.35, 31.25, 31.18, 31.11, 31.01 and 30.83 marks respectively.
  • Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.

We prefer to take long position in USD/THB around 31.58, stop loss at 31.42 and target of 31.92.

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