USD/KRW may rise 640 - 950 pips

Our pivot point stands at 1377.80.

Our preference

The upside prevails as long as 1377.80 is support.

Alternative scenario

Below 1377.80, expect 1372.50 and 1369.40.

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 1379.40 and 1379). Finally, the USD/KRW is trading above its upper Bollinger band (standing at 1382.37).

Supports and resistances

1399.00 **

1395.80 *

1392.70 **

1389.60

1383.20 last

1379.80

1377.80 **

1372.50 *

1369.40 **

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