FxWirePro: South Korean won falls as BOK keeps policy rate steady at 1.5 pct

• USD/KRW is currently trading around 1169 levels.
   
• Intraday bias remains bullish till the time pair holds key support at 1162 marks.
   
• Today BOK keeps policy rate steady at 1.50 pct as expected.
   
• Pair is trading in a narrow range from 1162 to 1176 marks.
   
• A break of either side will provide further direction to the parity.
   
• A daily close above 1172 will drag the parity up towards key resistances at 1180/1193 (20, 30 and 55D EMA crossover)/1211 marks.
   
• A sustained close below 1162 will test key supports at 1153 (November 2015 low) /1142 (20D EMA)/ 1134/1127 (October 2015 low) /1121/1115 levels respectively.

We prefer to take long position in USD/KRW only above 1176, stop loss 1162 and target 1193 marks.