USD/KRW: Completing a multi-year base – Credit Suisse

USD/KRW remains in a short-term consolidation phase but remains in the process of completing a large multi-year base, suggesting that a further strength should be seen in due course, per Credit Suisse. 

Key quotes

“We see resistance initially at 1245, removal of which should allow a retest of the current yearly high and 50% retracement of the 2009/2014 fall at 1296/1303.”

“Above 1296/1303 would see resistance next at 1317, then the April 2009 high and 61.8% retracement at 1372/92.”

“Support at the 200-day average at 1192 ideally holds any potential correction.”