FxWirePro: Thai baht depreciates despite Fitch affirms ‘BBB+’ ratings with stable outlook

• USD/THB is currently trading around 32.04 marks.
   
• It made intraday high at 32.05 and low at 31.97 marks.
   
• Intraday bias remains bullish till the time pair holds key support at 31.85 mark.
   
• On the top side, key resistances are seen at 32.12, 32.23, 32.48, 32.60 and 32.89 marks respectively.
   
• Alternatively, a daily close below 31.90 will drag the parity down towards key supports around 31.68, 31.51, 31.30 and 31.20 marks respectively.

• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.

We prefer to take long position in USD/THB around 32.00, stop loss at 31.85 and target of 32.48.

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