FxWirePro: Taiwanese dollar rises sharply against U.S. dollar, hits fresh 4-year high at 29.59 mark

• USD/TWD is currently trading around 29.65 marks.
   
• It made intraday high at 29.84 and low at 29.59 marks.
   
• Intraday bias remains bearish for the moment.
   
• A daily close above 29.82 will drag the parity up towards key resistances around 30.02, 30.22, 30.30, 30.41, 30.50, 30.65, 30.77, 30.90, 31.02 and 31.44 marks respectively.

• On the other side, key support levels are seen at 29.40, 29.28, 29.04 and 28.77 marks respectively.
   
• Taiwan stocks open up 0.2 pct at 10,590.95 points.

We prefer to take short position in USD/TWD around 29.70, stop loss at 29.90 and target of 29.40/29.28.

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