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.”
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