Published: 2024-11-06T02:57:17.000Z
Chart USD/KRW Update: Rebound return focus to 1395.00/1400.00 highs
Technical Analyst
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Consolidation above the 1370.00 support has given way to sharp break above the 1690.00/1393.00 resistance to extend gains from the September low
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1420.00 | * | congestion | S1 | 1380.00 | * | congestion | |
| R3 | 1410.00 | * | 26 Oct 2022 low | S2 | 1370.00 | ** | 12 Jul low | |
| R2 | 1400.00 | ** | 16 Apr YTD high | S3 | 1367.00 | * | 21 Oct low | |
| R1 | 1395.00 | ** | Jun high | S4 | 1359.00 | * | 38.2% Sep/Oct rally |
Asterisk denotes strength of level
02:45 GMT - Consolidation above the 1370.00 support has given way to sharp break above the 1380.00 congestion and the 1690.00/1393.00 resistance to extend gains from the September low. Daily studies have turned up from oversold readings and suggest scope to retest the June high at 1395.00 and the 1400.00, April YTD high. Would expected reaction here though a later break cannot be ruled out. Clearance will see scope to the 1410.00/1420.00 resistance zone. Meanwhile, support is raised to the 1380.00 congestion which now underpin.