USD/KRW moved towards 1,495 during overnight trade, with the won among the worst performers. The move came during geopolitical stress and higher energy prices.
Bullish momentum on the daily chart remained in place, and the RSI was rising. Risks were described as tilted towards further gains in USD/KRW.
Key resistance levels were set at 1,500 and 1,510. Support was placed at 1,470.
Policymakers were reported to have reassured markets, with the option of stronger steps to slow the pace of won depreciation. A shift lower in USD/KRW was linked to an end to the conflict and the return of shipping routes and oil flows.
The Korean Won is one of the worst performers right now, with the USD/KRW pair pushing towards 1,495. This is because the Won is very sensitive to global problems, especially the ongoing geopolitical stress and high energy prices. Technical signs show that this upward momentum is still strong.
We are seeing this play out as Brent crude has remained stubbornly above $105 a barrel for most of this quarter, fueled by the persistent shipping disruptions. Statistics from early March 2026 confirm the Won has weakened over 4% against the dollar since the start of the year. This is a more aggressive move than the one we saw during the tensions of late 2025.
With risks pointed to the upside, positioning for further Won weakness seems logical. This suggests buying USD/KRW call options with strike prices targeting the 1,500 and then 1,510 resistance levels. These levels represent the next major hurdles for the currency pair.
However, we must remain watchful, as Korean policymakers have been quick to reassure the market and could intervene more forcefully. Any sign of conflict resolution or a resumption of normal oil flows would trigger a sharp turnaround. The 1,470 support level is the key line to watch for any change in this upward trend.
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