USD/KRW: Failure to cross 1,310 could result in one more down leg – SocGen

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1 August 2023

USD/KRW: Failure to cross 1,310 could result in one more down leg – SocGen

Economists at Société Générale analyze USD/KRW technical outlook.

Reclaiming the 200-DMA essential for affirming an extended up-move

USD/KRW has experienced a deeper pullback after failing to overcome a multi-month trend line and the 200-DMA near 1,324 (now at 1,305/1,310). It has recently formed an interim trough near 1,257. An initial bounce is under way however reclaiming the MA would be essential for affirming an extended up-move.

Failure to cross 1,310 could result in one more down leg. Next potential support levels are located at previous gap and projections near 1,250/1,244.

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