USD/KRW charted a spinning top...........>

KOREAN WON: USD/KRW charted a spinning top candlestick yesterday, even as it

shed 11.50 fig. on the day owing to a sharply lower open. China's decision to

reduce some of its punitive tariffs on U.S. imports allowed the rate to extend

losses, ahead of a modest recovery into the close.

- That said, the rate has staged a fairly strong rebound today and trades +7.95

fig. at 1,187.85, ticking even higher upon a breach of the 50% retracement of

the Aug 6 - Jan 14 bear mkt at KRW1,186.88. USD/KRW has absorbed yesterday's

pre-NFP greenback strength & a receding risk appetite, which has seen the KOSPI

lose ground from the off.

- A firm push above the Feb 5 high of KRW1,192.35 would put the Feb 3

multi-month high of KRW1,198.50 in focus. Bears need a drop below the 200-DMA at

KRW1,180.35 before attempting a move through KRW1,178.33/1,179.90, the 38.2%

retracement of aforesaid bear mkt/yesterday's low.

- The main data release to watch next week is South Korean unemployment, due for

release on Wednesday.