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Death Cross

KOREAN WON

USD/KRW printed fresh multi-month lows and last sits -1.95 fig. at KRW1,191.75, as continued greenback sales apply some pressure to the pair.

  • South Korea moved to limit church activity in Seoul to non-contact services, in a bid to contain the spread of Covid-19 across the capital. The government also lifted social distancing measures in Incheon to level 2 (in a three-level system), after implementing similar restrictions in Seoul and the surrounding Gyeonggi Province.
  • Bears look for losses past Mar 5 low of KRW1,179.90, which would open up Feb 12 low of KRW1,176.40, followed by Jan 29 low of KRW1,173.95. The bearish case is supported by the formation of a "death cross" on a daily chart. Bulls need a clearance of Aug 14 high of KRW1,187.60 before targeting Aug 10 high of KRW1,189.10.
  • South Korea reports trade figures for the first 20 days of August on Friday.
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