Societe Generale’s technical team reports that the USD/KRW currency pair failed twice to break above the June high near 1,561, which has led to a deeper decline towards the 200-day moving average (200-DMA) [1]. The pair is currently testing this key technical level, which previously acted as support during pullbacks in February and May [1].
The next significant support is identified at a multi-month ascending trend line near 1,464/1,461 [1]. According to Societe Generale, reaching this support zone could trigger a rebound in USD/KRW; however, any upward movement may be limited by the recent pivot high at 1,491 [1]. If the pair fails to break above 1,491, downside risks remain, potentially leading to an extended decline [1].
No specific market reactions, analyst opinions beyond the technical outlook, or forward-looking statements regarding broader market implications are provided in the source [1].
CONCLUSION
USD/KRW is currently at a critical technical juncture, with support at 1,464/1,461 and resistance at 1,491. The inability to break above resistance could keep downside risks in play, according to Societe Generale. Market participants are likely to watch these levels closely for further direction.