FxWirePro: Thai baht trades marginally higher despite lower than expected manufacturing production data

• USD/THB is currently trading around 31.35 marks.
   
• It made intraday high at 31.42 and low at 31.33 marks.
   
• Intraday bias remains bearish till the time pair holds key resistance at 31.50 mark.
   
• A daily close below 31.42 will drag the parity down towards key supports around 31.28, 31.11 and 31.01 marks respectively.
   
• On the top side, key resistances are seen at 31.50, 31.57, 31.80, 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.
   
• Thailand Dec manufacturing production y/y decrease to 2.35 % (forecast 3.5 %) vs previous 4.23 %.

We prefer to take short position in USD/THB only around 31.38, stop loss at 31.50 and target of 31.11.

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