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CNH/KRW has backed off highs after testing a channel top intersecting at KRW169.82 and last operates at KRW169.53, 28 pips better off. Should bulls manage to force a break out of the channel, focus would move to the next layer of resistance formed by the round figure/50% recovery of the Sep 3 - Dec 7 sell-off/Nov 23 high at KRW170.00/170.06/170.20. On the downside, a return below the 50-DMA at KRW168.65 would give bears a green light for targeting channel floor at KRW168.43.