Published: 2024-11-27T02:56:07.000Z
Chart USD/THB Update: Consolidating
Technical Analyst
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Bounce from the 34.38 low has seen gains to retest resistance at 34.79
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 35.30 | * | 61.8% May/Sep fall | S1 | 34.38 | * | 25 Nov low | |
| R3 | 35.17 | ** | 14 Nov high | S2 | 34.00 | ** | 1 Nov high. congestion | |
| R2 | 35.00 | * | congestion | S3 | 33.83 | * | Aug low | |
| R1 | 34.79 | * | 22 Nov high | S4 | 33.65 | * | 10 Oct high |
Asterisk denotes strength of level
02:45 GMT - Bounce from the 34.38 low has seen gains to retest resistance at 34.79. Break here will expose the 35.00 level and 35.17 high to retest. Mixed daily studies suggest the latter expected to cap while clearance will further extend gains from the September low and see scope to target 35.30, the 61.8% Fibonacci retracement. However, gains are seen corrective and lower high sought to further pressure the downside later. Break of the 34.38 support will open up deeper pullback to retrace the September/November rally and see room to the 34.00 level.