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FxWirePro: USD/TWD exhibits range bound movement, faces strong support at 29.09 mark

  • USD/TWD is currently trading around 29.12 marks.
     
  • It made intraday high at 29.15 and low at 29.06 marks.
     
  • Intraday bias remains neutral till the time pair holds key support  at 29.00 mark.
     
  • A daily close above 29.20 will drag the parity up towards key resistances around 29.32, 29.50, 29.65, 29.90, 30.02, 30.22 and 30.30 marks respectively.
  • On the other side, key support levels are seen at 29.09, 28.99, 28.89, 28.77 and 28.49 marks respectively.
     
  • Taiwan stocks open up 0.5 pct at 11,202.27 points.

We prefer to take short position in USD/TWD around 29.20, stop loss at 29.50 and target of 28.89/28.77.

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