USD/KRW to advance nicely towards 1210 on a break above 1184/86 – SocGen

USD/KRW broke out above a multi month triangle paving the way for short-term uptrend. The pair is in vicinity to interim hurdle of 1184/1186 representing the 50% retracement from March 2020. A rise above here would set the stage for further gains to the 1210 level, economists at Société Générale report.

Key support seen at 1140/37 

“Currently a sideways consolidation is taking shape however a large decline is not envisaged.”

“Last month's low of 1140/1137 should be an important support.” 

“Beyond 1184/1186, the pair is likely to extend its uptrend towards 1197 and projections at 1210.”