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FxWirePro: Thai baht rises gradually against U.S. dollar, stay bearish

  • USD/THB is currently trading around 31.58 marks.
     
  • It made intraday high at 31.64 and low at 31.57 marks.
     
  • Intraday bias remains bearish till the time pair holds key resistance at 31.75 mark.
     
  • A daily close below 31.64 will drag the parity down towards key supports around 31.50, 31.30, 31.11, 31.01 and 30.83 marks respectively.
     
  • On the top side, key resistances are seen at 31.75, 31.92, 32.00, 32.13, 32.28, 32.39, 32.46, 32.61 and 32.85 marks respectively.
  • Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.

We prefer to take short position in USD/THB around 31.60, stop loss at 31.75 and target of 31.30.

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