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FxWirePro: Thai baht rises sharply against U.S. dollar, hits strongest level since September 2014

  • USD/THB is currently trading around 32.05 marks.
     
  • It made intraday high at 32.13 and low at 31.99 marks.
     
  • Intraday bias remains bearish till the time pair holds key resistance at 32.28 mark.
     
  • A daily close below 32.12 will drag the parity down towards key supports around 31.93, 31.75 and 31.57 marks respectively.
     
  • On the top side, key resistances are seen at 32.27, 32.38, 32.46, 32.61 and 32.85 marks respectively.
  • Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.

We prefer to take short position in USD/THB around 32.10, stop loss at 32.28 and target of 31.75.

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