FxWirePro: USD/THB hits fresh 5-week high at 31.01 mark, bias remains slightly bullish

• USD/THB is currently trading around 31.98 marks.
   
• It made intraday high at 30.01 and low at 30.96 marks.
   
• Intraday bias remains slightly bullish till the time pair holds key support at 30.85 marks.
   
• On the top side, key resistances are seen at  31.20, 31.50, 31.70, 31.99, 32.10, 32.22 and 32.54 marks respectively.
   
• Alternatively, a daily close below 30.97 will drag the parity down towards key supports around 30.85, 30.56, 30.42, 30.28 and 30.12 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 forex reserves and currency swap data around 0730 GMT.

We prefer to take long position on USD/THB around 30.95, stop loss at 30.85 and target of 31.20/31.50.