FxWirePro: South Korean won gains in early Asia, intraday bias remains bearish
USD/KRW is currently trading around 1172 levels. It made intraday high at 1175 and low at 1172 levels. Intraday bias remains bearish till the time pair holds key resistance at 1180 marks. A daily close above 1178 will dr…
It made intraday high at 1175 and low at 1172 levels.
Intraday bias remains bearish till the time pair holds key resistance at 1180 marks.
A daily close above 1178 will drag the parity up towards key resistances at 1182/1193 (20, 30 and 55D EMA crossover)/1211 marks.
A sustained close below 1172 will test key supports at 1162, 1153 (November 2015 low) /1142 (20D EMA)/ 1134/1127 (October 2015 low) /1121/1115 levels respectively.
We prefer to take short position in USD/KRW only below 1172, stop loss 1182 and target 1153 marks.
