USD/KRW: Scope to reach the top of a long-term channel at 1314/16 – Credit Suisse

Since the beginning of 2021, USD/KRW has been on a stable uptrend. Economists at Credit Suisse expect the pair to climb as high as the 1314716 area.

Advance to continue with a move to the March 2020 high at 1293 initially

“With the 55-week and 200-week moving averages steadily rising and with the DXY near its 20-year highs, we stay biased for the advance to continue with a move to the March 2020 high at 1293 initially.”

“Though consolidation should be allowed for 1293, an eventual move above would see scope for a move to the mid 2009 high as well as the top of the highlighted channel at 1314/16, where a solid ceiling should be found for a potential bounce-back lower again.”