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South Korean Won: Breakout looms against US Dollar – Societe Generale

Source Fxstreet

Societe Generale analysts highlight that USD/KRW formed an interim low near 1320 and has since rebounded within a narrow base. The upper boundary of this range and the 50-day moving average around 1349/1353 are flagged as key resistance. A sustained move above would confirm a larger recovery, while failure to hold recent lows could see the broader downtrend resume.

Recovery hinges on break of 1353

"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.)

Disclaimer: For information purposes only. Past performance is not indicative of future results.

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