USD/KRW has punched through its..........>

KOREAN WON: USD/KRW has punched through its 200-DMA and a former resistance from

the Jan 8 high of KRW1,179.25 and currently trades +4.60 fig. at KRW1,181.85.

Wuhan virus & dovish Fed comments inspire a degree of risk aversion. Locally,

the KOSPI has been weighed on by Samsung, whose profit fell 38% in Q4.

- BoK Snr Dep Gov Yoon said that it is premature to say if potential impact of

the virus will warrant response in the form of further monetary easing.

- The rate seems to have charted a double bottom formation over the last seven

weeks or so, confirmed upon today's break above the 61.8% retracement of the Dec

4 - Jan 14 slide/200-DMA/Jan 8 high at KRW1,178.61/1,178.81/1,179.25. The next

topside target is provided by the 76.4% retracement of the aforementioned

sell-off/Dec 12 low at KRW1,185.22/55. Above would mean the filling of a gap

that stayed open since mid-Dec. Bears look for a pullback under the highlighted

KRW1,178.61/1,178.81/1,179.25 zone, which would open KRW1,173.95, y'day's low.

- South Korea's Business Survey Indices were out today. Confidence in the m'fing

sector rose to 77 from 73, while in the non-m'fing sector fell to 74 from 75.

- The focus turns to local industrial output and trade balance, due Friday.