Published: 2024-12-18T03:04:37.000Z
Chart USD/THB Update: Extending corrective gains
Technical Analyst
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Break above the 34.20 resistance see prices extending gains from the 33.65 low of last week
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 35.17 | ** | 14 Nov high | S1 | 34.00 | * | 1 Nov high, congestion | |
| R3 | 35.00 | * | figure | S2 | 33.65 | ** | 10 Oct high, 50% | |
| R2 | 34.79 | * | 22 Nov high | S3 | 33.54 | * | Nov low | |
| R1 | 34.38/50 | ** | 25 Nov low, congestion | S4 | 33.30 | * | 61.8% Sep/Nov rally |
Asterisk denotes strength of level
03:00 GMT - Break above the 34.20 resistance see prices extending gains from the 33.65 low of last week. Positive daily studies suggest scope to retest strong resistance at the 34.38/50 area, expected to cap. Gains are seen corrective and expected to give way to selling pressure later. Return below the 34.00 level will expose the 33.65 low to retest and see room for extension to the 33.54 support. Break of these will further extend losses from the November high and see scope to the 33.30, 61.8% Fibonacci retracement, and 33.08 support.