Published: 2024-10-28T02:40:51.000Z
Chart USD/THB Update: Consolidating below 33.83 resistance, but scope for break
Technical Analyst
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Remains in consolidation below the 33.83 resistance
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 34.33 | * | 3 Sep high | S1 | 33.50 | * | congestion | |
| R3 | 34.10 | * | Dec low | S2 | 33.08/00 | ** | 18 Oct low, congestion | |
| R2 | 34.00 | * | 38.2% Jun/Sep fall | S3 | 32.80 | * | 25 Sep high | |
| R1 | 33.83 | * | 30 Aug low | S4 | 32.50 | * | congestion |
Asterisk denotes strength of level
02:40 GMT - Remains in consolidation below the 33.83 resistance. However, pressure stays on the upside and break here will further retrace the steep June/September losses and see room to the strong resistance at the 34.00/34.10, 38.2% Fibonacci retracement and December low. However, gains are seen corrective and expected to give way to selling pressure later. Meanwhile, support is raised to the 33.65/33.50 area and this should underpin. Failure here will fade the upside pressure and open up scope for pullback to the 33.08/33.00, support and congestion area.