South Korean Won: Uptrend seen resuming against US Dollar – Societe Generale
Societe Generale strategists note that the recent USD/KRW bounce stalled around 1390 and the pair is now testing the lower end of its consolidation, suggesting the broader downtrend may resume. A brief rebound could face resistance at 1367/1372, with downside objectives at 1318 and 1303/1297 if the pair fails to clear those levels.
Bounce fades with fresh downside objectives
"Separately, the KRW rallied to 1333, strongest level vs USD in two years on the back of broad USD retreat, pullback in oil and corporate dollar sales."
"USD/KRW bounce petered out around 1390 and is now challenging the lower limit of its recent consolidation, suggesting that the downtrend may be resuming."
"If a brief rebound materializes, the high achieved earlier this month at 1367/1372 could act as an important hurdle."
"An inability to overcome this resistance may result in a continuation of the decline."
"The next objectives are located at projections of 1318 and 1303/1297."
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.
You may also like
Why did the Reserve Bank of Australia raise interest rates two weeks ago? Meeting minutes reveal inflation risks have become a reality, and waiting would be too costly
The Reserve Bank of Australia acknowledges that the trade-off between inflation and full employment has worsened, but maintains that its goal is to return the Consumer Price Index (CPI) to the 2-3% target range.
Three-year remission rate up to 94%! Johnson & Johnson (JNJ.US) Tremfya Crohn's disease study shows positive long-term results
Long-term data from two Phase 3 clinical trials by Johnson & Johnson show that adult Crohn's disease patients treated with Tremfya (guselkumab) achieved a clinical remission rate of up to 94% over three years.
Kroger (KR.US) faces the largest layoffs in 143 years: cutting one-third of positions, more than 3,000 employees to be let go
Kroger has laid off 3,000 employees, accounting for more than one-third of its total workforce, marking the largest layoff in its 143-year history. The resources saved will be redirected towards price reductions and frontline operations.
RBA Minutes: Case for rates to act promptly to keep inflation expectations anchored
Crypto prices
More
