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KRW: Trims Losses After Failed Tests Of 61.8% Fibo

CNH

CNH/KRW pulled back from yesterday's multi-week high but failed to return below the 61.8% retracement of the Mar 10 - Apr 9 slide at KRW173.37, which capped gains on May 4. The rate has trimmed gains after testing the aforementioned Fibo level twice and last sits at KRW173.58, 15 pips worse off on the day.

  • A slide through KRW173.37 would shift focus to KRW172.89, the low print of May 4. Conversely, a jump above yesterday's high of KRW173.80 would allow bulls to take aim at the KRW174.00 region, where the rate topped out several times in March.
  • The pair is poised for a decent weekly gain, having added 1.63 fig. so far. Liquidity was thinner than normal this week, owing to a Labour Day holidays in China & Wednesday's market closure in South Korea.
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