USD/KRW: Upside risks with key resistance – OCBC

OCBC strategists Sim Moh Siong and Christopher Wong highlight that USD/KRW has pushed toward 1,495, reflecting KRW’s high-beta nature during geopolitical stress and energy price spikes. With bullish momentum intact and RSI rising, risks are skewed to the upside, with resistance at 1,500 and 1,510 and support at 1,470, though policymakers’ reassurances and any conflict resolution could slow depreciation and eventually trigger a turnaround.

Upside skew while policymakers vigilant

"The KRW was among the worst performers, with USDKRW pushing toward 1495 at one point overnight, underscoring the KRW’s high-beta characteristics during periods of geopolitical stress and energy price spikes."

"Bullish momentum on daily chart intact while RSI shows signs of rising."

"Risks skewed to the upside. Resistance at 1500, 1510 levels."

"Support at 1470 levels. That said policymakers have been quick to reassure markets this time and more forceful steps can help to slow the pace of depreciation."

"For a turnaround to play out would require the conflict to end and resumption of shipping routes, oil flows."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)