South Korean Won: Rangebound against US Dollar – Societe Generale
Societe Generale analysts observe that USD/KRW stalled after meeting interim resistance around 1561 in June and now looks set to trade within a range. They see limited evidence of a large decline, with 1530 as initial support on pullbacks. A break above 1561 would signal trend resumption, targeting projections near 1573/1580.
Watching 1561 and 1530 levels
"USD/KRW has encountered interim resistance around 1561 in June."
"The up move has stalled after this test, and the pair may evolve within a range."
"Signals of a large decline are not yet visible."
"If a short-term pullback develops, the recent pivot low of 1530 could be the first layer of support."
"A cross beyond 1561 may lead to a resumption of the uptrend."
"The next projections could be located at 1573/1580."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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