Chart USD/KRW Update: Consolidating strong bounce to 1380.00
Sharp bounce above the 1365.00 resistance has seen gains to the 1380.00 resistance before settling back in consolidation
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1400.00 | * | Apr 2024 high | S1 | 1365.00 | * | 5 May low | |
| R3 | 1395.00 | * | Jun 2024 high | S2 | 1360.00 | * | 26 May low | |
| R2 | 1390.00 | ** | Jun high | S3 | 1348.00 | ** | 30 Jun YTD low | |
| R1 | 1380.00 | * | congestion | S4 | 1340.00 | * | congestion |
Asterisk denotes strength of level
02:30 GMT - Sharp bounce above the 1365.00 resistance has seen gains to the 1380.00 resistance before settling back in consolidation as intraday studies unwind overbought readings. Positive daily studies suggest this giving way to further gains later, higher will see room to retest the June high at 1390.00 which is expected to cap. Clearance, if seen, will open up room to the strong resistance at 1395.00/1400.00 area. Corrective gains are expected to give way to renewed selling pressure later. Meanwhile, support is raised to 1365.00/1360.00 area. Break here will expose the 1350.00/1348.00 area to retest and see room to extend the April losses.