FxWirePro: Thai baht falls ahead of BOT’s interest rate decision

• USD/THB is currently trading around 34.54 marks.
   
• It made intraday high at 34.54 and low at 34.41 marks.
   
• Intraday bias remains bullish till the time pair holds key support at 34.45 mark.
   
• On the top side, key resistances are seen at 34.61, 34.72, 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 34.45 will drag the parity down towards key supports around 34.32, 34.20 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. Current upside movement is short term trend correction only.
   
• BOT will release interest rate decision at 0730 GMT.
   
• Poll - All 24 economists expect Thai Central Bank to hold benchmark rate at 1.50 pct on Wednesday.
   
• Poll - 12 economists see no Thai rate change for all of 2017, 4 see a hike by year-end.

We prefer to take short position in USD/THB around 34.55, stop loss at 34.70 and target of 34.32.