USD/KRW to edge higher towards the 1210 mark – SocGen

USD/KRW is currently trading around the 1190 region. The pair faced resistance near 1200 last month and is set to surpass this level and test the 1210 mark, economists at Société Générale report.

Initial support seen at 1178/75

“USD/KRW has successfully defended interim support of 1165, the 38.2% retracement from June. As long as this remains defended, a deeper pullback is not envisaged.”

“Short-term, the pair looks poised to head towards the recent peak at 1200 and perhaps even towards projections of 1210.”

“Last week’s low of 1178/1175 is first support.”