Chart USD/THB Update: Consolidating, room for higher later
Consolidating retest of the 32.80 resistance but pressure remains on the upside within an ascending triangle from the April low
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 33.20 | * | congestion | S1 | 32.50/40 | ** | congestion | |
| R3 | 33.05 | ** | 23 Mar YTD high | S2 | 32.20 | * | congestion | |
| R2 | 32.90 | * | Oct high | S3 | 32.03 | ** | 6 May low | |
| R1 | 32.80/85 | ** | congestion, 30 Apr high | S4 | 31.90 | * | Feb high |
Asterisk denotes strength of level
02:40 GMT - Consolidating retest of the 32.80 resistance but pressure remains on the upside within an ascending triangle from the April low suggesting scope for break here to open up room for retest of strong resistance at 32.90 October high then the 33.05 March current year high. Above the latter will confirm a 9-month bottom pattern at the January YTD low and see stronger gains to retrace losses from the 2023/2024 year highs. Meanwhile, support at 32.50/40 congestion should underpin. Break here, if seen, will fade the upside pressure and open up room for deeper pullback to the 32.20 support and 32.03, May low.