- USD/KRW: Break above last month’s high of 1,327/1,330 essential to confirm a larger rally – SocGen
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11 January 2024
USD/KRW: Break above last month’s high of 1,327/1,330 essential to confirm a larger rally – SocGen
USD/KRW defends the 200-Day Moving Average (DMA) at 1,316. Economists at Société Générale analyze the pair’s outlook.
November/December trough near 1,283 is important support
USD/KRW revisited low of November at 1,283 recently and has staged an initial rebound.
It is worth noting that the pair has experienced crisscross moves around the 200-DMA which highlights lack of clear direction.
A break above last month’s high of 1,327/1,330 is essential to confirm a larger up move. Holding below this resistance, a short-term pullback is likely towards recent up gap at 1,303.
November/December trough near 1,283 would be an important support.
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