FxWirePro: South Korean won gains in early hours of Asia, faces strong support at 1,168
USD/KRW is currently trading around 1,173 levels. It made intraday high at 1,176 and low at 1,170 marks. Intraday bias remains neutral till the time pair holds key support at 1,168 levels. A daily close above 1,182 will …
It made intraday high at 1,176 and low at 1,170 marks.
Intraday bias remains neutral till the time pair holds key support at 1,168 levels.
A daily close above 1,182 will drag the parity higher towards key resistances at 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 1,168 will test key supports at 1,146/1,132/1,127/1,117/1,111/1,101/1,089/1,078/1,063/1,044 levels respectively.
South Korea’s Kospi was trading 0.26 percent higher at 1,988.36 points.
We prefer to go long on USD/KRW around 1,170, stop loss at 1,162 and target of 1,187/1,196.
