Published: 2024-10-28T02:36:07.000Z
Chart USD/KRW Update: Focus on the 1395.00/1400.00, June/April highs
Technical Analyst
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No follow-through on break above the 1390.00 level but pressure remains on the upside
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1410.00 | * | 26 Oct 2022 low | S1 | 1377.00 | * | 24 Oct low | |
| R3 | 1400.00 | ** | 16 Apr YTD high | S2 | 1370.00 | ** | 12 Jul low | |
| R2 | 1395.00 | ** | Jun high | S3 | 1367.00 | * | 21 Oct low | |
| R1 | 1390.00 | * | congestion | S4 | 1360.00 | congestion |
Asterisk denotes strength of level
02:30 GMT - No follow-through on break above the 1390.00 level but pressure remains on the upside. Close above here will expose the June high at 1395.00 to retest. Beyond this will see scope for retest of the 1400.00, April YTD high. Would expect reaction on test of these highs while break will further extend the underlying bull trend from the February 2023 year low. Meanwhile, support is raised to the 1380.00/1377.00 area and this is expected to underpin. Break here will ease the upside pressure and open up deeper pullback to retrace strong rally from the September low and see room to the 1370.00 support.