USD/KRW may fall 713 - 1023 pips

1375.80 is our pivot point.

Our preference

As long as 1375.80 is resistance look for 1359.40.

Alternative scenario

Above 1375.80, look for 1380.90 and 1383.90.

Comment

The RSI is below 50. The MACD is positive and above its signal line. The break above the 50 area on the RSI would call for further upside. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 1370.60 and 1370.10).

Supports and resistances

1383.90 **

1380.90 *

1375.80 **

1373.70

1369.63 last

1362.50

1359.40 **

1356.40 *

1353.30 **

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