USD/KRW: Break above last month’s high of 1,327/1,330 essential to confirm a larger rally – SocGen

USD/KRW defends the 200-Day Moving Average (DMA) at 1,316. Economists at Société Générale analyze the pair’s outlook.

November/December trough near 1,283 is important support

USD/KRW revisited low of November at 1,283 recently and has staged an initial rebound. 

It is worth noting that the pair has experienced crisscross moves around the 200-DMA which highlights lack of clear direction. 

A break above last month’s high of 1,327/1,330 is essential to confirm a larger up move. Holding below this resistance, a short-term pullback is likely towards recent up gap at 1,303. 

November/December trough near 1,283 would be an important support.