Chart USD/THB Update: Extending gains
Focus remains firmly on the upside and break above 33.77 see room for extension to target the 34.00, 76.4% Fibonacci level
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 34.50 | * | congestion | S1 | 33.50 | * | congestion | |
| R3 | 34.32 | * | Mar 2025 high | S2 | 33.25 | 10 Jul low | ||
| R2 | 34.10 | * | Dec 2023 low | S3 | 33.12 | ** | 3 Jul low | |
| R1 | 34.00 | * | 76.4% 2025/2026 fall | S4 | 33.00/05 | ** | congestion, Mar high |
Asterisk denotes strength of level
04:45 GMT - Focus remains firmly on the upside and break above 33.77 see room for extension to target the 34.00, 76.4% Fibonacci level. Would expect reaction at the latter as prices push deep into overbought areas on both daily and weekly studies. Meanwhile, support is raised to the 33.50/48 congestion and June high which should underpin. Would take break here to ease the upside pressure and open up room for deeper pullback to strong support at the 33.25/33.12 area. Would take break here to fade the upside pressure and see room for pullback to 33.00/32.90 neckline of a 10-month bottom pattern.