- USD/TWD is currently trading around 31.16 mark.
- It made intraday high at 31.35 and low at 31.10 marks.
- Intraday bias remains bearish till the time pair holds key resistance at 31.35 marks.
- A sustain close below 31.27 mark will test key supports at 31.10, 30.99 and 30.70 marks respectively.
- Alternatively, reversal from key support will drag the parity up towards key resistances around 31.35, 31.44, 31.58, 31.72, 31.98, 32.12, 32.25, 32.43 and 32.63 marks respectively.
- Taiwan January PMI slips to 55.6 vs 56.2 in December.
We prefer to take short position in USD/TWD around 31.20, stop loss 31.35 and target of 30.70.
