USD/KRW to trade below 1150 in Q3 – Credit Suisse
|USD/KRW remains in a broad multi-year range. Nonetheless, the Credit Suisse analyst team is biased lower and expects the pair to touch the 1176.63 support where the pair may consolidate before returning the slump below the 1150 level.
Key quotes
“USD/KRW did not follow through on the construction of a large multi-year base and reversed aggressively lower during Q2. We believe that there is scope for further weakness and see support initially at the early 2018 uptrend at 1176.63, where we might have some consolidation at first.”
“Removal of 1176.63 would then see a move back to the current year lows and 61.8% retracement of the 2018/2020 upswing at 1148.90/1146.73. Beneath here we would see a large top complete, which would reinforce the downmove, with support seen at 1105.95/1104.95 over the longer term.”
“Resistance is seen 1245.20 at first, then 1296.75/1302.75.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.