Chart USD/KRW Update: Still room to extend gains
Break to fresh high has seen spike to 1438.00 before settling back to consolidate at the 1429.00 level
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1465.00 | * | 11 Mar 2009 low | S1 | 1420.00 | figure | ||
| R3 | 1450.00 | * | figure, congestion | S2 | 1411.00 | * | Nov high | |
| R2 | 1446.00 | ** | Oct 2022 year high | S3 | 1400.00 | ** | Apr high | |
| R1 | 1440.00 | * | congestion | S4 | 1388.00 | * | 18 Nov low |
Asterisk denotes strength of level
02:15 GMT - Break to fresh high has seen spike to 1438.00 before settling back to consolidate at the 1429.00 level. Positive daily studies suggest scope to further extend the underlying bull trend and break above 1438.00 high will see room to the 1440.00 level. Beyond this will see scope to retest 1446.00, the October 2022 multi-year high. Reaction at the latter can be expected as both daily and weekly studies pushed deep into overbought areas. Meanwhile, support remains at the 1429.00/1420.00 area which should underpin. Would take break here to fade the upside pressure and see room for deeper pullback to retrace rally from the September low.