USD/KRW stalls at 1390, with Societe Generale analysts forecasting a resumption of the pair's broader downtrend as it tests consolidation support.
Societe Generale strategists observe that the USD/KRW pair has failed to sustain its recent upward momentum, stalling at the 1390 resistance level. The pair is currently testing the lower boundary of its consolidation phase, which indicates that the prevailing bearish trend for the dollar against the won is likely to reassert itself.
The pair is testing the lower end of its consolidation range after failing to maintain a bounce at the 1390 level.
Strategists suggest that the broader downtrend for the pair is likely to resume.
The USD/KRW currency pair faces renewed downward pressure after failing to sustain a rally above the 1390 level. Societe Generale strategists indicate the pair is testing the lower boundary of its recent consolidation range, signaling a potential continuation of the broader downtrend.
The outlook is bearish, as the pair has stalled at 1390 and is testing the lower end of its consolidation range, suggesting a resumption of the broader downtrend.