USD/KRW Price Analysis: South Korean won slips from multi-day tops, eyes $1,230


  • USD/KRW turns green for the first time in five days.
  • USD bounce and S. Korea’s economic growth woes boost the pair.
  • KRW traders keep an eye on reports-related to Kim Jong-Un.

USD/KRW rebounds from a four-day low of 1,220.81, snapping the recent losing streak, in response to broad-based bounce in the US dollar and bearish South Korean economic outlook.

The South Korean won corrected nearly 0.50% after President Moon Jae-in said on Tuesday, the economic growth readings from Asia’s fourth-largest economy are likely to deteriorate in the second quarter, as the coronavirus impact will likely deepen going forward.  

Meanwhile, the South’s warning to remain cautious about the various reports doing the rounds, with regard to the North Korean leader Kim Jong-Un’s health condition also seems to bode ill for the domestic currency.

On the other hand, the US dollar benefits from the risk-off market mood, as the US-China conflict over the virus response from the latter and economic contraction worries alongside the oil-price slump dampened the sentiment.

falls further from three-week highs reached at 1,241.23 reached earlier this week, as the South Korean won is on a recovery mode despite the bearish fundamentals.

At the time of writing, USD//KRW rises 0.43% to trade near 1,227, with the bulls looking to regain the 10-DMA at 1,228.77 en route 1,230. Alternatively, the 50-DMA at 1,219.44 caps the immediate downside, a break below which a test of the 1,200 level will be inevitable.

South Korean won: Additional levels to watch

USD/KRW

Overview
Today last price 1227.21
Today Daily Change 4.21
Today Daily Change % 0.34
Today daily open 1222.45
 
Trends
Daily SMA20 1223.62
Daily SMA50 1217.89
Daily SMA100 1194.55
Daily SMA200 1191.89
 
Levels
Previous Daily High 1234.42
Previous Daily Low 1220.81
Previous Weekly High 1241.71
Previous Weekly Low 1215.06
Previous Monthly High 1292.5
Previous Monthly Low 1176.33
Daily Fibonacci 38.2% 1226.01
Daily Fibonacci 61.8% 1229.22
Daily Pivot Point S1 1217.37
Daily Pivot Point S2 1212.29
Daily Pivot Point S3 1203.76
Daily Pivot Point R1 1230.97
Daily Pivot Point R2 1239.5
Daily Pivot Point R3 1244.58

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD hits highest since September amid upbeat mood

EUR/USD has surpassed 1.1920, the highest in around 10 weeks as markets cheer the US transition and upcoming vaccines. A busy data day awaits traders ahead of the Thanksgiving holiday. 

EUR/USD News

XAU/USD stages a modest recovery from multi-month lows

Gold witnessed some short-covering move on Wednesday from the $1800 mark. COVID-19 vaccine optimism might cap any strong gains for the safe-haven metal. Investors now eye US macro data, FOMC minutes for a fresh directional impetus.

Gold news

GBP/USD advances toward 1.34 amid Brexit hopes

GBP/USD is rising toward 1.34 after EC President von der Leyen said there is progress in Brexit talks. UK Chancellor Sunak's speech and US data are awaited later in the day.

GBP/USD News

WTI rally continues despite large US inventory build

Oil has climbed to fresh multi-month highs, extending Tuesday's price gains as optimism emanating from potential coronavirus vaccines overshadows inventory build-up in the US. The API reports a large buildup of inventories in the weeke ended Nov. 20.

Oil News

Black Friday 2020 Discounts!

Learn to trade with the best! Don't miss the most experienced traders and speakers in FXStreet Premium webinars. Also if you are a Premium member you can get real-time FXS Signals and receive daily market analysis with the best forex insights!

More info

Forex MAJORS

Cryptocurrencies

Signatures