USD/KRW may rise 656 - 966 pips

Our pivot point is at 1374.50.

Our preference

The upside prevails as long as 1374.50 is support.

Alternative scenario

The downside breakout of 1374.50 would call for 1369.30 and 1366.20.

Comment

The RSI is above its neutrality area at 50. 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 1379 and 1377.50).

Supports and resistances

1395.90 **

1392.80 *

1389.70 **

1386.60

1380.04 last

1376.60

1374.50 **

1369.30 *

1366.20 **

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