USD/KRW may rise 609 - 909 pips

Our pivot point is at 1352.30.

Our preference

The upside prevails as long as 1352.30 is support.

Alternative scenario

The downside breakout of 1352.30 would call for 1347.30 and 1344.30.

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 1354.50 and 1351.80).

Supports and resistances

1373.50 **

1370.50 *

1367.50 **

1364.50

1358.41 last

1354.30

1352.30 **

1347.30 *

1344.30 **

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