Published: 2024-12-03T03:45:12.000Z
Chart USD/KRW Update: Focus return to 1408.00/1411.00 highs
Technical Analyst
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Break above 1400.00 level return focus to the upside and sets up scope for retest of resistance at 1408.00 then the 1411.00, November YTD high
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1429.00 | * | Nov 2022 high | S1 | 1400.00 | * | Apr high | |
| R3 | 1420.00 | * | congestion | S2 | 1388.00 | ** | 18 Nov low | |
| R2 | 1411.00 | ** | 14 Nov YTD high | S3 | 1380.00 | * | congestion | |
| R1 | 1408.00 | * | 22 Nov high | S4 | 1370.00 | * | 38.2% Sep/Nov rally |
Asterisk denotes strength of level
03:40 GMT - Break above 1400.00 level return focus to the upside and sets up scope for retest of resistance at 1408.00 then the 1411.00, November YTD high. Consolidation here expected though positive daily studies suggest potential for break here to extend gains from the September low. Clearance will shift focus to the 2022 year highs. Meanwhile, support is raised to the 1400.00 level which now underpin. Below this will open up the strong support at the 1388.00 low to retest and where break is needed to fade the upside pressure and open up deeper corrective pullback.