FxWirePro: South Korean won gains against major peers on robust export price growth, import price growth

• USD/KRW is currently trading around 1,194 levels.
   
• Pair made intraday high at 1,200 and low at 1,193 marks.
   
• Intraday bias remains bearish till the time pair holds key resistance at 1,203 levels.
   
• A daily close above 1,197 will drag the parity higher towards key resistances at 1,203, 1,211, 1,220 (March 03, 2016 high) and 1,244 marks respectively.
   
• On the other side, a sustained close below 1,197 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. Current downside movement is short term trend correction only.
   
• South Korea’s December export price growth y/y increases to 6.3 % vs previous 3.5 % (revised from 3.8 %).
   
• South Korea’s December import price growth y/y increases to 9.2 % vs previous 3.6 %.

We prefer to go short on USD/KRW around 1,195 with stop loss at 1,203 and target of 1,182.