USD/KRW may rise 513 - 753 pips

Our pivot point is at 1383.40.

Our preference

The upside prevails as long as 1383.40 is support.

Alternative scenario

The downside breakout of 1383.40 would call for 1379.30 and 1376.80.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 1385.30 and 1383.60).

Supports and resistances

1399.60 **

1397.10 *

1394.60 **

1392.20

1387.07 last

1385.10

1383.40 **

1379.30 *

1376.80 **

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