Chart USD/KRW Update: Leaning lower in consolidation from 1393.00 high
Lower in consolidation from the 1393.00 high of last week as 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
02:30 GMT - Lower in consolidation from the 1393.00 high of last week as prices unwind the overbought daily studies. Pullback see support starting at the 1380.00/1377.00 area and break here will trigger a top pattern at the 1393.00 high and open up deeper pullback to retrace strong rally from the September low. Lower will see room to the strong support at the 1370.00 level. Break here will extend losses to the 1360.00/1359.00 congestion and 38.2% Fibonacci retracement. Meanwhile, resistance at the 1390.00/1393.00 area now expected to cap and keep the 1395.00/1400.00, June and April YTD highs out of reach.