USD/KRW remains under pressure for further downside, in line with the large topping structure that is in place. Economists at Credit Suisse believe a test of the 1054 2018 low is on the cards.
Key quotes
“Support is initially seen at the 2019 and July 2018 lows as well as the 78.6% retracement at 1109/05, where we would expect to see another temporary pause at first.”
“The size of the potential top though suggests a test of the 2018 low at 1054 is very possible.”
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