USD/KRW may fall 568 - 778 pips

1376.90 is our pivot point.

Our preference

The downside prevails as long as 1376.90 is resistance.

Alternative scenario

The upside breakout of 1376.90, would call for 1380.50 and 1382.60.

Comment

The RSI is trading below 30. This could mean that either the pair is in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). The MACD is below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 1378 and 1381.60).

Supports and resistances

1382.60 **

1380.50 *

1376.90 **

1375.50

1373.38 last

1367.70

1365.60 **

1363.50 *

1361.30 **

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