Chart USD/KRW Update: Under pressure from the 1393.00 high
No follow-through on break above the 1390.00 level and rejection from the 1393.00 high see prices unwind the overbought daily studies
| 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 | 1359.00 | * | 38.2% Sep/Oct rally |
Asterisk denotes strength of level
02:20 GMT - No follow-through on break above the 1390.00 level and rejection from the 1393.00 high see prices unwind the overbought daily studies. Pullback see support starting at the 1380.00/1377.00 area. Break here will fade the upside pressure and open up deeper pullback to retrace strong rally from the September low and see room to the strong support at the 1370.00 level. Break here will see to the 1360.00/1359.00 congestion and 38.2% Fibonacci retracement. Resistance at the 1390.00/1393.00 area now expected to cap and keep the 1395.00/1400.00, June/April highs out of reach.