FxWirePro: South Korean won gains against U.S. dollar after comments from South Korea’s finance minister

• USD/KRW is currently trading around 1,158 levels.
   
• It made intraday high at 1,161 and low at 1,156 marks.
   
• Intraday bias remains bearish till the time pair holds key resistance at 1,162 levels.
   
• A daily close above 1,162 will drag the parity higher towards key resistances at 1,172, 1,178, 1,185, 1,196, 1,201, 1,209 (20D EMA) and 1,220 (March 03, 2016 high) marks respectively.
   
• On the other side, a sustained close below 1,152 will test key supports at 1,146/1,132/1,127/1,117/1,111/1,101 levels respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
   
• South Korea’s finance ministry says economic recovery sluggish due to weak production, investment.
   
• South Korea’s finance ministry says concerned about risks spreading from domestic issues, hitting consumption, investment.

We prefer to take short position in USD/KRW only below 1,152, stop loss at 1,162 and target of 1,145/1,130.