FxWirePro: South Korean won gains against major peers after BoK’s rate decision

• USD/KRW is currently trading around 1,178 levels.
   
• Pair made intraday high at 1,180 and low at 1,176 marks.
   
• Intraday bias remains neutral till the time pair holds key resistance at 1186 levels.
   
• A daily close above 1,175 will drag the parity higher towards key resistances at 1,186, 1,197, 1,203, 1,211, 1,220 (March 03, 2016 high) and 1,244 marks respectively.
   
• On the other side, a sustained close below 1,175 will test key supports at 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. Current downside movement is short term trend correction only.
   
• BoK chief says revises 2017 growth forecast to 2.5 pct.
   
• BoK chief says 2017 CPI forecast at 1.8 pct.
   
• BoK chief says growth expected to pick up in H2.

We prefer to go short on USD/KRW only below 1,175 with stop loss at 1,186 and target of 1,162.