USD/KRW may fall to 1314.10 - 1331.00

1401.00 is our pivot point.

Our preference

As long as 1401 is resistance look for 1314.10.

Alternative scenario

Above 1401, look for 1429.70 and 1446.80.

Comment

The RSI is above 50. The MACD is below its signal line and negative. The penetration of 50 on the RSI would call for further downside. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 1378.10 and 1378.80).

Supports and resistances

1446.80 **

1429.70 *

1401.00 **

1389.70

1377.72 last

1331.00

1314.10 **

1297.10 *

1280.20 **

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