USD/KRW may rise to 1426.00 - 1447.70

1347.30 is our pivot point.

Our preference

The upside prevails as long as 1347.30 is support.

Alternative scenario

Below 1347.30, expect 1311.20 and 1289.60.

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 positive and above its signal line. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 1344.80 and 1338.20).

Supports and resistances

1490.90 **

1469.30 *

1447.70 **

1426.00

1378.20 last

1361.50

1347.30 **

1311.20 *

1289.60 **

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