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FxWirePro: USD/THB rejects key support at 32.65 mark, further sideways movement likely

  • USD/THB is currently trading around 32.76 marks.
     
  • It made intraday high at 32.78 and low at 32.70 marks.
     
  • Intraday bias remains slightly bullish for the moment.
     
  • On the top side, key resistances are seen at 32.83, 32.92, 33.07, 33.15, 33.32 and 33.52 marks respectively.
     
  • Alternatively, a daily close below 32.73 will drag the parity down towards key supports around 32.65, 32.57, 32.42, 32.20 and 32.07 marks respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
     
  • Thailand will release forex reserves and currency swap data at 0730 GMT.

We prefer to take long position on USD/THB only above 32.83, stop loss at 32.65 and target of 32.92/33.07.

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