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FxWirePro: USD/THB moves in rigid boundaries, stay bearish only below 31.58 mark

  • USD/THB is currently trading around 31.70 marks.
     
  • It made intraday high at 31.71 and low at 31.67 marks.
     
  • Intraday bias remains neutral till the time pair holds key support at 31.58 mark.
     
  • On the top side, key resistances are seen at 31.78, 31.92, 32.02, 32.10, 32.22 and 32.54 marks respectively.
     
  • Alternatively, a daily close below 31.58 will drag the parity down towards key supports around 31.42, 31.28, 31.20, 31.06, 30.94, 30.20 and 29.66 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 on USD/THB only below 31.58, stop loss 31.70 and target of 31.42 mark.

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