USD/KRW may fall 699 - 1019 pips

Our pivot point is at 1383.50.

Our preference

The downside prevails as long as 1383.50 is resistance.

Alternative scenario

The upside breakout of 1383.50, would call for 1388.70 and 1391.80.

Comment

The RSI is below its neutrality area at 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 1380.20 and 1381.40).

Supports and resistances

1391.80 **

1388.70 *

1383.50 **

1381.40

1378.49 last

1371.50

1368.30 **

1365.20 *

1362.10 **

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