FxWirePro: USD/THB exhibits range bound movement, sustained close below 34.99 targets 34.60

• USD/THB is currently trading around 34.99 marks.
   
• It made intraday high at 35.01 and low at 34.96 marks.
   
• Intraday bias remains bearish till the time pair holds immediate resistance at 35.07 marks.   
   
• On the top side key resistances are seen at 35.07, 35.11, 35.21, 35.33, 35.41, 35.67, 35.74, 35.84, 35.93, 36.01, 36.08 and 36.39 marks respectively.
   
• Alternatively, a daily close below 34.99 will drag the parity down towards key supports around 34.85, 34.64, 34.51 and 34.20 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
   
• Thailand will release currency swap and forex reserve data at 0730 GMT.

We prefer to take short position in USD/THB only below 34.99, stop loss 35.07 and target of 34.85.