Published: 2024-12-10T02:40:34.000Z
Chart USD/THB Update: Under pressure, 33.65/33.54 support at risk
Technical Analyst
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Prices remain under pressure with break of the 34.00 level approaching strong support at the 33.65/33.54 area
| 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
02:40 GMT - Prices remain under pressure with break of the 34.00 level and 38.2% Fibonacci retracement approaching strong support at the 33.65/33.54 area. Oversold daily studies suggest reaction here likely but consolidation here is expected to give way to renewed selling pressure later. Break here will see room to 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.