USD/KRW may rise 642 - 952 pips

Our pivot point stands at 1367.20.

Our preference

The upside prevails as long as 1367.20 is support.

Alternative scenario

Below 1367.20, expect 1362.10 and 1359.10.

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 above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 1367.80 and 1364.70).

Supports and resistances

1386.90 **

1383.80 *

1380.80 **

1377.70

1371.28 last

1369.30

1367.20 **

1362.10 *

1359.10 **

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