South Korean Won: Gains target 1407 against US Dollar – Societe Generale
Societe Generale analysts note USD/KRW has corrected after losing its 200-day moving average near 1478 and is now testing an ascending trend line from 2023 around 1407.
Societe Generale analysts predict the South Korean Won (KRW) may reach 1407 against the US Dollar (USD) as the currency rebounds. The pair has recently corrected after dropping below its 200-day moving average near 1478, but now it is testing an ascending trend line from 2023 around 1407. Analysts believe this trend line provides interim support, with a break above 1425 needed to confirm a short-term bounce.
A failure to hold 1407 could open the path for a further decline to 1388/1385 and 1375. Elsewhere in Asia, the KRW continues to lead regional market performance.
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