USD/KRW may rise 627 - 927 pips

Our pivot point is at 1365.00.

Our preference

Rebound.

Alternative scenario

The downside breakout of 1365 would call for 1359.90 and 1356.80.

Comment

The RSI is above its neutrality area at 50. The MACD is above its signal line and negative. The MACD must break above its zero level to call for further upside. Moreover, the price is trading above its 20 period moving average (1368.50) but under its 50 period moving average (1369.60).

Supports and resistances

1384.40 **

1381.40 *

1378.30 **

1375.30

1369.03 last

1367.00

1365.00 **

1359.90 *

1356.80 **

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