Published: 2024-12-20T02:54:06.000Z
Chart USD/THB Update: Still room to extend gains
Technical Analyst
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Break above the 34.50 resistance has seen gains reaching 34.68 high before settling back in consolidation
| 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 | 34.68 | * | 19 Dec high | S4 | 33.30 | * | 61.8% Sep/Nov rally |
Asterisk denotes strength of level
02:50 GMT - Break above the 34.50 resistance has seen gains reaching 34.68 high before settling back in consolidation as prices unwind overbought intraday studies. Positive daily studies suggest scope to extend gains and higher will see room to the 34.79 resistance. Higher still will open up scope to retest 35.00/35.17 congestion and November high. However, the latter expected to cap and 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.