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South Korean Won: Breakout against US Dollar approaches – Societe Generale
1349/1353 marks a key resistance zone for USD/KRW. Societe Generale analysts identify this area as the upper edge of the pair’s narrow base, alongside the 50-day moving average. After establishing an interim low near 1320, the pair has rebounded within that base. A sustained break above resistance would confirm a larger recovery. Failure to defend recent lows, however, could bring a resumption of the broader downtrend.
1353 break needed to confirm recovery
"USD/KRW carved out an interim low near 1320 last month and has staged a modest rebound since then."
"The pair appears to be evolving within a narrow base."
"The upper boundary of this range, along with the 50-DMA at 1349/1353, could act as an important resistance zone."
"A break above this hurdle would be crucial to confirm a larger recovery."
"Conversely, if the pair fails to defend the recent low near 1330, the broader downtrend may resume."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Learn more.)
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