FxWirePro: South Korean won falls by 1 pct against U.S dollar, faces strong resistance at 1,206

• USD/KRW is currently trading around 1,204 levels.
   
• Pair made intraday high at 1,205and low at 1,201 marks.
   
• Intraday bias remains bullish till the time pair holds key support at 1,187 levels.
   
• A daily close above 1,201 will drag the parity higher towards key resistances at 1,206, 1,211, 1,220 (March 03, 2016 high) and 1,244 marks respectively.
   
• On the other side, a sustained close below 1,201 will test key supports at 1,187/1,172/1,168/1,160/1,152/1,146/1,132/1,127/1,117 levels respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.

We prefer to go long on USD/KRW only above 1,205 with stop loss at 1,187 and target of 1,211/1,220.