USD/KRW is consolidating near key support at 1358, with momentum indicators showing limited direction. A sustained move above 1406 could open the way toward the 200-day moving average at 1417/1425, Société Générale's FX analysts note.
Pair consolidates after June rebound
"USD/KRW tested a multiyear ascending trend line at 1346 in June (currently at 1358), prompting a brief rebound. The pair has recently consolidated within a narrow range. Daily MACD has oscillated around its trigger line, indicating a lack of clear short-term direction."
"Defending the trend line at 1358 is crucial for sustaining the rebound. A break above the recent consolidation upper limit at 1406 could trigger extension in bounce towards the 200-day moving average at 1417/1425."
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