• FxWirePro: Thai Baht rises gradually against U.S. Dollar, faces strong support at 30.97 Mark

    Source: FxWire Pro - Technicals / 11 Feb 2020 00:23:56   America/New_York

    • USD/THB is currently trading around 31.19 marks.
       
    • It made intraday high at 31.32 and low at 31.17 marks.
       
    • Intraday bias remains bearish till the time pair holds key resistance at 31.32 mark.
       
    • On the top side, key resistances are seen at 31.32, 31.50, 31.70 and 31.92 marks respectively.
       
    • Alternatively, a daily close below 31.32 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. Current downside movement is short term trend correction only.

    We prefer to go short on USD/THB around 31.25, stop loss at 31.35 and target of 30.97/30.70.

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