FxWirePro: Thai baht marginally lower ahead of Thailand’s CPI, core CPI data
USD/THB is currently trading around 34.60 marks. It made intraday high at 34.61 and low at 34.59 marks. Intraday bias remains neutral till the time pair holds key support at 34.58 mark. On the top side, key resistances a…
It made intraday high at 34.61 and low at 34.59 marks.
Intraday bias remains neutral till the time pair holds key support at 34.58 mark.
On the top side, key resistances are seen at 34.67, 34.85, 34.97, 35.11, 35.20, 35.32, 35.42, 35.62, 35.74, 35.84, 35.93, 36.01, 36.08 and 36.39 marks respectively.
Alternatively, a daily close below 34.58 will drag the parity down towards key supports around 34.45, 34.34, 34.24 and 34.01 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 CPI, core CPI data at 0400 GMT.
We prefer to take short position in USD/THB only below 34.58, stop loss at 34.67 and target of 34.45/34.24.
