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FxWirePro: Thai baht strengthens against U.S. dollar, hits highest level since July, 2015

  • USD/THB is currently trading around 34.43 marks.
     
  • It made intraday high at 34.61 and low at 34.43 marks.
     
  • Intraday bias remains bearish till the time pair holds key resistance at 34.72 mark.
     
  • On the top side key resistances are seen at 34.72, 34.85, 34.97, 35.11, 35.20, 35.32, 35.42, 35.62, 35.74, 35.84, 35.93, 36.01, 36.08 and 36.39 marks respectively.
     
  • Alternatively, a daily close below 34.59 will drag the parity down towards key supports around 34.38, 34.20 and 34.01 marks respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.

We prefer to take short position in USD/THB around 34.50, stop loss at 34.72 and target of 34.20.

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