USD/KRW may rise 729 - 1079 pips

Our pivot point is at 1311.90.

Our preference

Rebound towards 1327.30.

Alternative scenario

The downside breakout of 1311.90 would call for 1306.10 and 1302.60.

Comment

The RSI is below its neutrality area at 50. The MACD is above its signal line and negative. The configuration is mixed. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 1316.90 and 1318.10).

Supports and resistances

1334.30 **

1330.80 *

1327.30 **

1323.80

1316.51 last

1314.20

1311.90 **

1306.10 *

1302.60 **

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