- USD/THB is currently trading around 35.35 marks.
- It made intraday high at 35.42 and low at 35.34 marks.
- Intraday bias remains neutral till the time pair holds key resistance at 35.42 mark.
- On the top side key resistances are seen at 35.47, 35.62, 35.74, 35.84, 35.93, 36.01, 36.08 and 36.39 marks respectively.
- Alternatively, a daily close below 35.38 will drag the parity down towards key supports around 35.28, 35.10, 35.00, 34.91, 34.83, 34.64, 34.51 and 34.20 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.
- Thai February consumer confidence index at 75.8 vs 74.5 in January.
We prefer to take short position in USD/THB around 35.40, stop loss at 35.55 and target of 35.28/35.10.
