Economists at Société Générale analyze USD/KRW technical outlook.

Short-term price action could remain in a range defined by limits at 1,304 and 1,342

“USD/KRW up move has stalled after failure to overcome 1,342 on second attempt earlier this month. In recent pullback, it has successfully defended interim support zone near previous bullish gap at 1,304/1,295. Only if this gets violated would there be risk of a deeper decline.” 

“Short-term price action could remain in a range defined by limits roughly at 1,304 and recent high of 1,342. Once this hurdle is overcome, the phase of rebound is likely to extend towards 1,357, the 61.8% retracement from last October and 1,376.”