USD/KRW may rise 502 - 752 pips

Our pivot point stands at 1378.10.

Our preference

The upside prevails as long as 1378.10 is support.

Alternative scenario

The downside breakout of 1378.10 would call for 1373.90 and 1371.40.

Comment

The RSI is above 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 1380.40 and 1379.30).

Supports and resistances

1394.20 **

1391.80 *

1389.30 **

1386.80

1381.78 last

1379.70

1378.10 **

1373.90 *

1371.40 **

Number of asterisks represents the strength of support and resistance levels.