According to Credit Suisse analysts, USD/KRW may be forming a wider base, implying potential gains in the coming quarter. During Q2, the USD/KRW resumed its rally from the 2014 bottom, breaking over the 200-day average and leaving the market near critical levels at 1145/47.50. Above this, a definite ‘ascending triangle’ base would be formed, indicating the start of a significant USD bull phase, with next resistance at 1164, the 38.2 percent retracement of the decline from 2020, and then 1189, the 50 percent retracement. The broken 200-day average at 1123.50 currently serves as key support, indicating that the market is still in a turbulent range bound phase.”
“Support at 1097 is now ideal.”
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