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Societe Generale’s technical team notes USD/KRW failed twice to break above the June high around 1,561, triggering a deeper decline towards the 200-day moving average. The pair is now testing this key MA, with next support at a multi-month ascending trend line near 1,464/1,461. A rebound from this zone could be capped by the recent pivot high at 1,491, keeping downside risks alive.
Trend line and 200-DMA guide Won
“USD/KRW struggled to surpass the June high around 1,561 on its second attempt, resulting in a deeper decline.”
“The pair is now challenging the 200-DMA, previous pullbacks during February and May had found support around this MA.”
“The next potential support is located at a multi-month ascending trend line near 1,464/1,461.”
“Achievement of this zone could trigger a rebound; however, the recent pivot high of 1,491 may cap upside.”
“Failure to break above 1,491 could result in an extended down move.”
