USD/KRW to grind higher higher gradually towards May 2020 peak of 1237/1245 – SocGen

USD/KRW has broken out above the consolidation since October pointing towards continuation in the uptrend. Economists at Société Générale expect the pair to advance towards the May 2020 high at 1237/1245.

Short-term support located at 1196 

“Daily MACD is anchored within positive territory which denotes upward momentum is still prevalent.” 

“The pair is likely to head higher gradually towards projections of 1217 and 1227. May 2020 peak of 1237/1245 could be next significant hurdle.” 

“Short-term supports are located at 1196 and the low formed earlier this month at 1185.”