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- USD/THB is currently trading around 31.94 marks.
- It made intraday high at 31.97 and low at 31.91 marks.
- Intraday bias remains slightly bearish till the time pair holds key resistance at 31.96 mark.
- On the top side, key resistances are seen at 31.96, 32.05, 32.13, 32.28, 32.60 and 32.89 marks respectively.
- Alternatively, a daily close below 31.96 will drag the parity down towards key supports around 31.80, 31.68, 31.51, 31.30, 31.20, 31.01 and 30.83 marks respectively.
- Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
- Thailand will release forex reserves and currency swap data at 0730 GMT.
We prefer to take long position in USD/THB only above 31.96, stop loss at 31.80 and target of 32.22/32.46.
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