FxWirePro: USD/TWD remains well supported below 31.50 mark, further sideways movement likely

• USD/TWD is currently trading around 31.21 marks.
   
• It made intraday high at 31.24 and low at 31.18 marks.
   
• Intraday bias remains neutral till the time pair holds key support at 31.17 mark.
   
• A daily close above 31.42 will drag the parity up towards key resistances around 31.71, 31.90, 32.46 and 32.88 marks respectively.

• On the other side, key support levels are seen at 31.17, 31.02, 30.89, 30.68 and 30.56 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
   
• Taiwanese stock was trading around 0.08 pct higher at 10,790.55 points.
   
• Taiwan will release trades balance data around 0800 GMT.

We prefer to take short position on USD/TWD only below 31.17, stop loss at 31.42 and target of 30.89/30.68.