Published: 2024-12-06T02:41:02.000Z
Chart USD/THB Update: Under pressure, further losses in focus
Technical Analyst
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Under pressure as prices extend break of the 34.20 low to reach towards the 34.00 level and 38.2% Fibonacci retracement
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 35.17 | ** | 14 Nov high | S1 | 34.00 | ** | congestion, 38.2% | |
| R3 | 35.00 | * | congestion | S2 | 33.83 | * | Aug low | |
| R2 | 34.79 | * | 22 Nov high | S3 | 33.65 | * | 10 Oct high, 50% | |
| R1 | 34.38/50 | * | 25 Nov low, congestion | S4 | 33.54 | * | Nov low |
Asterisk denotes strength of level
02:35 GMT - Under pressure as prices extend break of the 34.20 low to reach towards the 34.00 level and 38.2% Fibonacci retracement. Negative daily studies weigh though the oversold readings suggest scope for reaction at the latter. However, consolidation here expected to give way to renewed selling pressure later. Lower will see scope to the 33.83 support then 33.65, 50% Fibonacci level. Meanwhile, resistance is lowered to the 34.38/3.50 area which is now expected to cap and keep pressure on the downside and sustain losses from the 35.17 high.