Chart USD/KRW Update: Consolidating at 1388.00 support, room for break later
Extend pullback from the 1308.00 lower high through the 1400.00 level to retest the 1388.00 low of last week
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1420.00 | * | congestion | S1 | 1388.00 | ** | 18 Nov low | |
| R3 | 1411.00 | ** | 14 Nov YTD high | S2 | 1380.00 | * | congestion | |
| R2 | 1408.00 | * | 22 Nov high | S3 | 1370.00 | * | 38.2% Sep/Nov rally | |
| R1 | 1400.00 | * | Apr high | S4 | 1364.00 | * | Oct 2023 year high |
Asterisk denotes strength of level
02:30 GMT - Extend pullback from the 1308.00 lower high through the 1400.00 level to retest the 1388.00 low of last week. Consolidation here seen prices unwinding the oversold intraday studies though negative daily chart suggest this giving way renewed selling pressure later. Break will confirm a top pattern at the 1408.00/1411.00 high and see deeper pullback to retrace the September/November rally. Lower will see room to the 1380.00 congestion then the 1370.00, 38.2% Fibonacci retracement. Meanwhile, resistance at the 1400.00 level now expected to cap and sustain losses from the 1408.00/1411.00 highs.