South Korean Won: Support cluster near 1,464/1,461 – Societe Generale

Societe Generale’s technical team notes USD/KRW failed twice to break above the June high around 1,561, triggering a deeper decline towards the 200-day moving average. The pair is now testing this key MA, with next support at a multi-month ascending trend line near 1,464/1,461. A rebound from this zone could be capped by the recent pivot high at 1,491, keeping downside risks alive.

Trend line and 200-DMA guide Won

"USD/KRW struggled to surpass the June high around 1,561 on its second attempt, resulting in a deeper decline."

"The pair is now challenging the 200-DMA, previous pullbacks during February and May had found support around this MA."

"The next potential support is located at a multi-month ascending trend line near 1,464/1,461."

"Achievement of this zone could trigger a rebound; however, the recent pivot high of 1,491 may cap upside."

"Failure to break above 1,491 could result in an extended down move."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)