USD/KRW may fall 586 - 836 pips

Our pivot point is at 1391.90.

Our preference

The downside prevails as long as 1391.90 is resistance.

Alternative scenario

Above 1391.90, look for 1396 and 1398.50.

Comment

The RSI is below 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 1388.50 and 1388.90).

Supports and resistances

1398.50 **

1396.00 *

1391.90 **

1390.20

1388.16 last

1382.30

1379.80 **

1377.30 *

1374.90 **

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