USD/KRW to trend markedly lower towards the 2018 low at 1054 – Credit Suisse
|USD/KRW maintains a large top and continues to trend strongly lower after breaking below the critical support of 1151/47. The pair is trading just above the 1130 mark and the next support is seen at 1109/05, analysts at Credit Suisse apprise.
Key quotes
“USD/KRW remains in a clear downtrend since breaking the March 2018 uptrend and crucial support at 1151/47 – the prior 2020 and July 2019 lows, as well as the 61.8% retracement of the 2018/2020 surge, which completed a large topping structure.”
“Next pivotal support is seen at the 2019 and July 2018 lows, as well as the 78.6% retracement at 1109/05.”
“The size of the potential top suggests a test of the 2018 low at 1054 is very possible.”
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.