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From : FX Daily Hotline: 20 April 2015
Chart of the day: US$ tests support v S Korean Won

 

The US Dollar has retraced the latest counter rally against the South Korean Won.  Resistance was encountered at W1102; at the 50-day moving average.  Now, the rate probes support at W1083.22; at the longer-term MA line.  A breach will extend the short-term downtrend towards the January floor at W1072.15.

It is worth pointing out that the broader pattern is looking rather top heavy.  A break under the early-2015 platform would complete the formation.  We would consider selling such a breakout (through W1072.15), for the scope towards the W1040 region.

 






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