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- USD/THB is currently trading around 34.20 marks.
- It made intraday high at 34.20 and low at 34.14 marks.
- Intraday bias remains bullish till the time pair holds key support at 34.03 marks.
- On the top side, key resistances are seen at 34.34, 34.48, 34.55, 34.67, 34.74, 34.82, 34.97, 35.11, 35.20, 35.32, 35.42, 35.62 and 35.74 marks respectively.
- Alternatively, a daily close below 34.14 will drag the parity down towards key supports around 34.03, 33.95, 33.74, 33.58, 33.01 and 32.54 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.
- Thailand will release FX reserves and currency swap data at 0730 GMT.
We prefer to take short position in USD/THB around 34.20, stop loss at 34.34 and target of 34.03/33.95.
