USD/KRW may rise 634 - 894 pips

Our pivot point stands at 1374.70.

Our preference

The upside prevails as long as 1374.70 is support.

Alternative scenario

The downside breakout of 1374.70 would call for 1370.40 and 1367.80.

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 above its 20 and 50 period moving average (respectively at 1375.70 and 1371.30).

Supports and resistances

1392.10 **

1389.50 *

1387.00 **

1384.40

1378.06 last

1376.40

1374.70 **

1370.40 *

1367.80 **

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