USD/KRW may rise 480 - 700 pips

Our pivot point stands at 1383.30.

Our preference

Rebound.

Alternative scenario

The downside breakout of 1383.30 would call for 1379.60 and 1377.30.

Comment

The RSI is above its neutrality area at 50. The MACD is above its signal line and negative. The MACD must break above its zero level to trigger further gains. Moreover, the price is trading above its 20 period moving average (1385.20) but under its 50 period moving average (1386.70).

Supports and resistances

1397.90 **

1395.60 *

1393.40 **

1391.20

1386.40 last

1384.80

1383.30 **

1379.60 *

1377.30 **

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