USD/KRW may rise 544 - 794 pips

Our pivot point is at 1372.90.

Our preference

The upside prevails as long as 1372.90 is support.

Alternative scenario

Below 1372.90, expect 1368.80 and 1366.30.

Comment

The RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (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 1373 and 1368.80).

Supports and resistances

1390.20 **

1387.70 *

1385.30 **

1382.80

1377.36 last

1374.50

1372.90 **

1368.80 *

1366.30 **

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