FxWirePro: USD/THB moves in stiff boundaries, further sideways movement likely
USD/THB is currently trading around 31.15 marks. It made intraday high at 31.18 and low at 31.12 marks. Intraday bias remains neutral till the time pair holds key support at 30.97 mark. On the top side, key resistances a…
It made intraday high at 31.18 and low at 31.12 marks.
Intraday bias remains neutral till the time pair holds key support at 30.97 mark.
On the top side, key resistances are seen at 31.21, 31.32, 31.50, 31.70 and 31.92 marks respectively.
Alternatively, a daily close below 31.11 will drag the parity down towards key supports around 30.97, 30.87, 30.70, 30.56, 30.37, 30.15, 29.96 and 29.72 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
Thailand will release forex reserves and currency swap data around 0730 GMT.
We prefer to go long on USD/THB around 31.13, stop loss at 30.97 and target of 31.32/31.50.
