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South Korean Won nears breakout against US Dollar – Societe Generale
An interim low near 1320 has been followed by a rebound in USD/KRW within a narrow base, according to Societe Generale analysts. They identify the top of this range and the 50-day moving average around 1349/1353 as a key resistance zone. A sustained break above that zone would confirm a more extensive recovery. However, the broader downtrend could resume if recent lows fail to hold.
USD/KRW needs to clear 1353 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. Know more.)
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