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FxWirePro: USD/THB hovers around key resistance at 31.50 mark, sustained close above targets 31.80 mark

  • USD/THB is currently trading around 31.42 marks.
     
  • It made intraday high at 31.48 and low at 31.40 marks.
     
  • Intraday bias remains neutral till the time pair holds key resistance at 31.50 mark.
     
  • A daily close below 31.34 will drag the parity down towards key supports around 31.28, 31.11 and 31.01 marks respectively.
     
  • On the top side, key resistances are seen at 31.50, 31.57, 31.80, 31.92, 32.00, 32.13, 32.28, 32.39, 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. Current upside movement is short term trend correction only.

We prefer to take long position in USD/THB only above 31.50, stop loss at 31.34 and target of 31.80.

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