USD/KRW resumes the downfall to target 2020 lows at 1150 – Credit Suisse

USD/KRW has broken below its key uptrend from 2018 to reinforce the downside pressure. Economists at Credit Suisse expects the pair to fall towards the year lows around 1150. 

Key quotes

“The downfall in USD/KRW has resumed as expected, finally breaking clearly below the March 2018 uptrend to mark another important breakdown. This should further reinforce the downside momentum and see a move back to important 61.8% retracement, July 2019 and current 2020 lows at 1151/49, where we expect to see a first attempt to hold.”

“Resistance is seen initially at 1219, then more importantly at 1244.”