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FxWirePro: USD/THB back below 31.90 mark, bias remains bearish

  • USD/THB is currently trading around 31.76 marks.
     
  • It made intraday high at 31.83 and low at 31.74 marks.
     
  • Intraday bias remains bearish till the time pair holds key resistance at 31.94 marks.
     
  • On the top side, key resistances are seen at 31.94, 32.10, 32.22 and 32.54 marks respectively.
     
  • Alternatively, a daily close below 31.82 will drag the parity down towards key supports around 31.70, 31.40, 31.28, 31.20 and 31.06 marks respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
     

We prefer to take short position on USD/THB around 31.80, stop loss at 31.94 and target of 31.70/31.40.

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