USD/KRW Price Analysis: South Korean won crashes 1.50% on N. Korean leader’s illness

USD/KRW hits fresh two-week highs, rises sharply by about 1.50%.
Broad dollar recovery, N. Korean Leader Kim’s illness drives spot higher.
South Korea’s April exports collapse amid coronavirus pandemic.

Dhwani Mehta FXStreet

USD/KRW extends the range breakout to the north and flirts with a new two-week high of 1,238.96, rallying 1.50% so far in Tuesday’s Asian trading.

South Korean won fell sharply against the greenback following reports that the North Korean Leader Kim Jong-Un is ill and undergoing a cardiovascular procedure. Further, NBC News reported that the North Korean leader is brain dead, which also weighs down on the won.

Adding to the bearish sentiment around the Asian currency, South Korea’s exports collapsed for the first 20 days of April by nearly 27% YoY, underscoring the coronavirus impact on the global supply chains and demand.

Further, liquidity injections by the Bank of Korea (BOK) and broad-based US dollar recovery also collaborate with the relentless rise in the cross. The South Korean central bank provided 270 billion won of liquidity via weekly operations.

South Korean won: Levels to watch

USD/KRW

Overview
Today last price	1238.75
Today Daily Change	15.99
Today Daily Change %	1.31
Today daily open	1220.62

Trends
Daily SMA20	1221.46
Daily SMA50	1213.09
Daily SMA100	1192.48
Daily SMA200	1190.55

Levels
Previous Daily High	1222.16
Previous Daily Low	1215.06
Previous Weekly High	1230.16
Previous Weekly Low	1209.64
Previous Monthly High	1292.5
Previous Monthly Low	1176.33
Daily Fibonacci 38.2%	1219.45
Daily Fibonacci 61.8%	1217.78
Daily Pivot Point S1	1216.4
Daily Pivot Point S2	1212.19
Daily Pivot Point S3	1209.31
Daily Pivot Point R1	1223.5
Daily Pivot Point R2	1226.38
Daily Pivot Point R3	1230.59

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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