USD/KRW set to begin a bullish phase towards the 1189 mark – Credit Suisse

In the view of analysts at Credit Suisse, USD/KRW might be constructing a larger base, which would suggest further upside during the next quarter.

The 200-DMA at 1123.50 offers solid support

“USD/KRW continued its rebound from the uptrend from the 2014 low during Q2, breaking above the 200-day average to leave the market close to key levels at 1145/47.50. Above here would complete a clear ‘ascending triangle’ base to suggest a major USD bull phase is beginning, with next resistance then seen at 1164, the 38.2% retracement of the fall from 2020, then 1189, the 50% retracement.

“Key support is now seen at the broken 200-day average at 1123.50, below which would suggest the market is still trading in a choppy range bound phase.”

“Support at 1097 now ideally holds.”