Published: 2024-12-11T02:40:28.000Z
Chart USD/THB Update: Consolidating at 33.65 support, room for lower later
Technical Analyst
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Losses from the November high has steadied at the 33.65, 50% Fibonacci retracement
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 34.79 | * | 22 Nov high | S1 | 33.65 | * | 10 Oct high, 50% | |
| R3 | 34.38/50 | ** | 25 Nov low, congestion | S2 | 33.54 | * | Nov low | |
| R2 | 34.20 | * | 29 Nov low | S3 | 33.30 | * | 61.8% Sep/Nov rally | |
| R1 | 34.00 | * | congestion | S4 | 33.08 | * | 18 Oct low |
Asterisk denotes strength of level
02:35 GMT - Losses from the November high has steadied at the 33.65, 50% Fibonacci retracement as prices unwind the oversold daily studies. However, consolidation here is expected to give way to renewed selling pressure later and lower will see room to 33.54 support. Lower still, will further extend losses from the November high to the 33.30, 61.8% Fibonacci level. Meanwhile, resistance is lowered to the 34.00 congestion which is expected to cap and keep pressure on the downside and sustain losses from the 35.17 high.