USD/KRW may rise 675 - 985 pips

Our pivot point stands at 1363.50.

Our preference

The upside prevails as long as 1363.50 is support.

Alternative scenario

Below 1363.50, expect 1358.30 and 1355.30.

Comment

The RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 1364.30 and 1363.10). Finally, the USD/KRW is trading above its upper Bollinger band (standing at 1368.59).

Supports and resistances

1385.20 **

1382.10 *

1379.10 **

1376.00

1369.25 last

1365.50

1363.50 **

1358.30 *

1355.30 **

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