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FxWirePro: USD/THB moves in stiff boundaries, further sideways movement likely

  • USD/THB is currently trading around 31.15 marks.
     
  • It made intraday high at 31.18 and low at 31.12 marks.
     
  • Intraday bias remains neutral till the time pair holds key support at 30.97 mark.
     
  • On the top side, key resistances are seen at 31.21, 31.32, 31.50, 31.70 and 31.92 marks respectively.
     
  • Alternatively, a daily close below 31.11 will drag the parity down towards key supports around 30.97, 30.87, 30.70, 30.56, 30.37, 30.15, 29.96 and 29.72 marks respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
     
  • Thailand will release forex reserves and currency swap data around 0730 GMT.

We prefer to go long on USD/THB around 31.13, stop loss at 30.97 and target of 31.32/31.50.

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