FxWirePro: USD/THB hovers around fresh 2-week low at 34.24 mark, sustained close below targets 33.74
USD/THB is currently trading around 34.26 marks. It made intraday high at 34.38 and low at 34.25 marks. Intraday bias remains bearish till the time pair holds key resistance at 34.42 mark. On the top side, key resistance…
It made intraday high at 34.38 and low at 34.25 marks.
Intraday bias remains bearish till the time pair holds key resistance at 34.42 mark.
On the top side, key resistances are seen at 34.42, 34.56, 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 34.34 will drag the parity down towards key supports around 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.
Thailand will release forex reserves and currency swap data at 0730 GMT.
We prefer to take short position in USD/THB only below 34.24, stop loss at 34.42 and target of 34.01/33.74.
