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Is the South Korean Won on the verge of a breakout against the US Dollar? – Societe Generale
A broader recovery in USD/KRW depends on a sustained break above key resistance at 1349/1353, according to Societe Generale analysts. The pair has rebounded within a narrow base after establishing an interim low near 1320. Resistance comes from the range’s upper boundary and the 50-day moving average around 1349/1353. While a sustained move above this zone would confirm a larger recovery, a failure to defend recent lows could bring a resumption of the broader downtrend.
Can a Break Above 1353 Confirm a Recovery?
"USD/KRW carved out an interim low near 1320 last month and has staged a modest rebound since then."
"The pair appears to be evolving within a narrow base."
"The upper boundary of this range, along with the 50-DMA at 1349/1353, could act as an important resistance zone."
"A break above this hurdle would be crucial to confirm a larger recovery."
"Conversely, if the pair fails to defend the recent low near 1330, the broader downtrend may resume."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)
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