Published: 2025-01-13T03:26:35.000Z
Chart USD/THB Update: Consolidating test of 34.79 resistance, scope for break
Technical Analyst
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Break above the 34.68 extending gains to retest the 34.79 resistance
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 35.30 | * | 61.8% May/Sep fall | S1 | 34.50 | * | congestion | |
| R3 | 35.17 | ** | 14 Nov high | S2 | 34.14 | * | 2 Jan low | |
| R2 | 35.00 | * | figure | S3 | 33.92 | * | 30 Dec low | |
| R1 | 34.79 | * | 22 Nov high | S4 | 33.65 | ** | 10 Dec low, 50% |
Asterisk denotes strength of level
03:15 GMT - Break above the 34.68 extending gains to retest the 34.79 resistance. Clearance here will open up room for retest of the 35.00 level then the 35.17 high of November. Overbought daily studies suggest test of the latter to give way to consolidation before break higher expected. Clearance will further retrace the May/September losses to the 35.30, 61.8% Fibonacci level. Meanwhile, support remains at the 34.50 congestion and this should underpin. Failure here will ease the upside pressure and open up room to the 34.14 support then the 33.92 low to retest.