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FxWirePro: USD/THB falls below 35.00 mark, faces strong support at 34.83

  • USD/THB is currently trading around 34.96 marks.
     
  • It made intraday high at 34.97 and low at 34.91 marks.
     
  • Intraday bias remains bearish till the time pair holds key resistance at 35.08 marks.
     
  • On the top side key resistances are seen at 35.08, 35.15, 35.25, 35.45, 35.67, 35.90, 36.05, 36.44 and 36.66 marks respectively.
     
  • Alternatively, a daily close below 34.83 will drag the parity down towards key supports around 34.51 and 34.20 marks respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only. 
     
  • Thailand October consumer confidence index at 73.1 vs 74.2 in September - University survey.

We prefer to take short position in USD/THB around 34.95, stop loss at 35.08 and target of 34.83/34.51.

  • Market Data
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