FxWirePro: USD/THB touches 31.17 mark in early hours of Asia, further downside movement likely

• USD/THB is currently trading around 31.22 marks.
   
• It made intraday high at 31.27 and low at 31.17 marks.
   
• Intraday bias remains bearish l till the time pair holds key resistance at 31.28 marks.
   
• On the top side, key resistances are seen at 31.28, 31.42, 31.50, 31.70, 31.94, 32.10, 32.22 and 32.54 marks respectively.
   
• Alternatively, a daily close below 31.19 will drag the parity down towards key supports around  31.06, 30.88 and 30.52 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 around 31.25, stop loss at 31.30 and target of 31.06/30.88.