USD/KRW may rise 646 - 896 pips

1381.30 is our pivot point.

Our preference

The upside prevails as long as 1381.30 is support.

Alternative scenario

The downside breakout of 1381.30 would call for 1377 and 1374.40.

Comment

The RSI is above its neutrality area at 50. 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 1380.50 and 1377.50).

Supports and resistances

1398.90 **

1396.30 *

1393.70 **

1391.20

1384.74 last

1383.00

1381.30 **

1377.00 *

1374.40 **

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