USD/KRW may rise 595 - 885 pips

1369.60 is our pivot point.

Our preference

The upside prevails as long as 1369.60 is support.

Alternative scenario

The downside breakout of 1369.60 would call for 1364.70 and 1361.80.

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 1371.80 and 1370.50).

Supports and resistances

1388.60 **

1385.70 *

1382.70 **

1379.80

1373.85 last

1371.50

1369.60 **

1364.70 *

1361.80 **

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