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USDCAD TECHS

Clearing Major Support

AUDUSD TECHS

Sizeable Resistance Building

EURJPY TECHS

Needle Still Points North

USDJPY TECHS

Bullish Argument Down, But Not Out

EURGBP TECHS

Attention Is On Resistance

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.
MNI London Bureau | +44 203-865-3806 | krzysztof.kruk@marketnews.com