KRW Tackles 2023 Ascending Trend Line Near 1407

South Korea's currency, the Won, has been gaining strength against the US Dollar. According to Societe Generale analysts, the USD/KRW pair has corrected its recent losses and is now testing an ascending trend line from 2023 at around 1407.

This trend line serves as interim support for the pair, with a break above 1425 needed to confirm a short-term bounce. If the Won fails to defend this level, the decline could extend towards 1388/1385 and 1375 on the downside.

The analysts note that the KRW continues to lead regional performance in Asia but is showing signs of fatigue after rallying from around 1,560 in early July to near 1,415.