Chart USD/KRW Update: Focus return to 1506.00 high
Consolidation above the 1460.00 level last week has given way to break above the 1487.00 resistance to return focus to the 1506.00 spike high
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1534.00 | * | 5 Mar 2009 low | S1 | 1480.00 | ** | congestion | |
| R3 | 1518.00 | ** | Nov 2008 year high | S2 | 1472.00 | ** | Feb high | |
| R2 | 1506.00 | ** | 3 May YTD high | S3 | 1460.00 | * | congestion | |
| R1 | 1500.00 | figure | S4 | 1450.00 | * | congestion |
Asterisk denotes strength of level
02:45 GMT - Consolidation above the 1460.00 level last week has given way to break above the 1487.00 resistance to return focus to the 1506.00 spike high. Bullish daily and weekly suggest scope for break here to extend the underlying bull trend from the 2014 year low. Higher will see room for extension to resistance at the 1518.00, November 2008 year high. However, overbought daily studies caution corrective pullback with support rasied to the 1481.00/1472.00, January/February highs. Only below these will ease the upside pressure and see room for consolidation to the 1460.00/1450.00 congestion area.