USDKRW: Ongoing pullback to persist toward potential support of 1372 – SocGen

USDKRW has dipped below 1400. Analysts at Société Générale expect the pair to extend its slide towards the 1372 support.

Elongated consolidation likely to develop while below 1413

“USDKRW has violated the lower band of recent brief consolidation and the 50-Day Moving Average with a weekly bearish gap denoting short-term downtrend.”

“Ongoing pullback is expected to persist towards potential support of 1372 representing the trend line connecting May and August and 1366/1358, the 23.6% retracement from 2021.”

“In case the pair remains unable to reclaim recent gap near 1413, an elongated consolidation is likely to develop.”