USD/KRW set to recover towards the recent high of 1200/10 – SocGen

USD/KRW has retracted towards first support of daily Ichimoku cloud near 1165. However, economists at Société Générale expect the pair to rebound towards the 1200/10 region.

Bounce expected

“Only a break below 1165 will mean a deeper down move.”

“A rebound is likely towards recent peak at 1200/1210, the 61.8% retracement from 2020.”