Menu

Search

Menu

Search

FxWirePro- USDKRW Daily Outlook (bullish divergence) good to buy on dips

USDKRW hits six-month low, delighted by dovish comments from Fed chairman in Jackson Hole Symposium.  It hit a low of 1317.95 on Monday and is currently trading around 1335.08.

 

Bank of Korea monetary policy-

 

BOK kept its rates unchanged at a 15-year high of 3.50% for the 13th consecutive time. Out of 7 board members, the number of members who voted for a rate cut in the next three months increased to 4 from the previous 2.

 

“The board will examine the proper timing of rate cuts,” BOK Gov Rhee said

 

The central bank has downgraded its GDP and inflation to 2.4% and 2.5%  for 2024, from May month’s 2.5% and 2.6%.

Technical analysis-

 

Major resistance- 1400

 

Near-term resistance - 1350, 1362

Minor support-  1315,1285

Trend reversal level- 1215

Daily chart - Bullish divergence 

It is good to buy on dips around 1325-26 with SL around 1314 for a TP of 1349/1362.

 

 

 

 

 

 

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.