Published: 2025-04-08T04:21:07.000Z
Chart USD/THB Update: Consolidating test of 34.70/84 resistance
Technical Analyst
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Extending gans from the 34.55 May low to reach resistance at the 34.70/34.84 area
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 35.30 | * | 61.8% May/Sep fall | S1 | 34.50 | * | congestion | |
| R3 | 35.17 | ** | Nov high | S2 | 34.32 | ** | Mar high | |
| R2 | 35.00 | * | congestion | S3 | 34.05/00 | * | 25 Mar high, congestion | |
| R1 | 34.84 | ** | 13 Jan YTD high | S4 | 33.80 | * | congestion |
Asterisk denotes strength of level
04:15 GMT - Extending gans from the 34.55 May low to reach resistance at the 34.70/34.84 area. Consolidation here see prices unwinding the overbought intraday and daily studies. Break here, if seen, will see scope for extension to retest 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, expected to underpin. Break here is needed to fade the upside pressure and open up room for deeper pullback to 34.05/00 area.