USD/KRW may fall 580 - 820 pips

Our pivot point is at 1379.40.

Our preference

Under pressure below 1379.40.

Alternative scenario

Above 1379.40, look for 1383.60 and 1386.10.

Comment

The RSI is below 50. The MACD is positive and below its signal line. The MACD must penetrate its zero line to expect further downside. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 1376.40 and 1374.80).

Supports and resistances

1386.10 **

1383.60 *

1379.40 **

1377.80

1374.70 last

1368.90

1366.50 **

1364.00 *

1361.50 **

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