USD/KRW may fall 568 - 838 pips

Our pivot point is at 1392.60.

Our preference

The downside prevails as long as 1392.60 is resistance.

Alternative scenario

Above 1392.60, look for 1397.20 and 1400.

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 is trading under both its 20 and 50 period moving average (respectively at 1389.10 and 1389.20). Finally, the USD/KRW has penetrated its lower Bollinger band (1387.35).

Supports and resistances

1400.00 **

1397.20 *

1392.60 **

1390.80

1387.18 last

1381.50

1378.80 **

1376.10 *

1373.30 **

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