Chart USD/THB Update: Extending gains, focus return to 34.84 high
Extending Friday's break of the 34.32 resistance and follow-through above the 34.50 congestion see scope to the 34.68/34.70 area
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 35.17 | ** | Nov high | S1 | 34.50 | * | congestion | |
| R3 | 35.00 | * | congestion | S2 | 34.32 | ** | Mar high | |
| R2 | 34.84 | ** | 13 Jan YTD high | S3 | 34.05/00 | * | 25 Mar high, congestion | |
| R1 | 34.70 | * | congestion | S4 | 33.80 | * | congestion |
Asterisk denotes strength of level
03:15 GMT - Extending Friday's break of the 34.32 resistance and follow-through above the 34.50 congestion see scope to the 34.68/34.70 area. Clearance here will expose the January YTD high at 34.84 to retest. Break here, if seen, will see room to the 35.17, November high. Beyond this will further extend gains to retrace losses from the May 2024 year high to 35.30, 61.8% Fibonacci level. Meanwhile, support is raised to the 34.50 congestion then the 34.32 March high which is expected to underpin. Break here is needed to fade the upside pressure and open up room for deeper pullback to 34.05/00 area.