Chart USD/THB Update: Extending losses
Prices remains under pressure to extend losses from the 34.84 high and see support at the 34.00/33.92 area now within reach
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 34.84 | ** | 13 Jan high | S1 | 33.92 | * | 30 Dec low | |
| R3 | 34.68 | * | Dec high | S2 | 33.65 | ** | 10 Dec low, 50% | |
| R2 | 34.50 | ** | congestion | S3 | 33.50 | * | congestion | |
| R1 | 34.35 | * | 17 Jan low | S4 | 33.30 | * | 61.8% Sep/Nov rally |
Asterisk denotes strength of level
03:15 GMT - Prices remains under pressure to extend losses from the 34.84 high and see support at the 34.00/33.92 area now within reach. Oversold intraday studies suggest possible reaction on test of the latter. However, daily studies are tracking lower and suggest scope for break here to further retrace the September/November rally. Lower will see room to 33.65 low of 10 December and 50% Fibonacci level. Meanwhile, resistance is lowered to the 34.35 low of last week. Above here will see room for stronger bounce but the 34.50 congestion and previous low is expected to cap and sustain losses from the 34.84 high.