USD/KRW may rise 514 - 754 pips

1385.30 is our pivot point.

Our preference

The upside prevails as long as 1385.30 is support.

Alternative scenario

Below 1385.30, expect 1381.20 and 1378.70.

Comment

The RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). 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 1386.80 and 1384.70).

Supports and resistances

1401.30 **

1398.80 *

1396.30 **

1393.90

1388.76 last

1387.00

1385.30 **

1381.20 *

1378.70 **

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