USD/KRW may fall 500 - 730 pips

Our pivot point stands at 1385.00.

Our preference

Under pressure below 1385.00.

Alternative scenario

The upside breakout of 1385, would call for 1388.80 and 1391.

Comment

The RSI is below 50. The MACD is below its signal line and positive. 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 1384.30 and 1382.80).

Supports and resistances

1391.00 **

1388.80 *

1385.00 **

1383.60

1381.30 last

1376.30

1374.00 **

1371.80 *

1369.60 **

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