- USD/THB is currently trading around 31.42 marks.
- It made intraday high at 31.44 and low at 31.22 marks.
- Intraday bias remains bullish till the time pair holds key support at 31.21 mark.
- On the top side, key resistances are seen at 31.40, 31.57, 31.70, 31.93, 32.02 and 32.10 marks respectively.
- Alternatively, a daily close below 31.21 will drag the parity down towards key supports around 31.18, 31.10 and 30.94 marks respectively.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.
- Thailand will release forex reserves and currency swaps data at 0730 GMT.
We prefer to take long position on USD/THB around 31.37, stop loss at 31.18 and target of 31.70 mark.
