USD/KRW capped by resistance
The recent stall near 1561 suggests the upside is limited, and I see a range developing with a slight bearish bias on USD/KRW.
I have been watching USD/KRW closely since the pair stalled after meeting resistance around the 1561 area in June. The price action suggests that the previous uptrend is losing momentum, and we are now seeing a consolidation phase.
From a risk perspective, the evidence does not support a large decline yet, but the ceiling is well-defined. I think the market is more likely to trade within a range with a slight bearish tilt on the dollar side, given the lack of fresh catalysts to push higher.
My approach here is to favor short positions on USD/KRW as long as the pair remains below that June resistance. I am not looking for a breakdown, but the risk/reward for selling into strength is more attractive than chasing the upside.
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