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USD/KRW maintains a large top and continues to trend strongly lower after breaking below the critical support of 1151/47. The pair is trading just above the 1130 mark and the next support is seen at 1109/05, analysts at Credit Suisse apprise.

Key quotes

“USD/KRW remains in a clear downtrend since breaking the March 2018 uptrend and crucial support at 1151/47 – the prior 2020 and July 2019 lows, as well as the 61.8% retracement of the 2018/2020 surge, which completed a large topping structure.” 

“Next pivotal support is seen at the 2019 and July 2018 lows, as well as the 78.6% retracement at 1109/05.” 

“The size of the potential top suggests a test of the 2018 low at 1054 is very possible.”