FxWirePro: South Korean won gains in early hours of Asia on robust CPI data
USD/KRW is currently trading around 1,142 levels. It made intraday high at 1,145 and low at 1,141 marks. Intraday bias remains bearish till the time pair holds key resistance at 1,152 levels. A daily close above 1,148 wi…
It made intraday high at 1,145 and low at 1,141 marks.
Intraday bias remains bearish till the time pair holds key resistance at 1,152 levels.
A daily close above 1,148 will drag the parity higher towards key resistances at 1,152, 1,162, 1,176, 1,182, 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 1,137 will test key supports at 1,127/1,117/1,111/1,101/1,089/1,078/1,063/1,044 levels respectively.
In addition, South Korea’s Kospi was trading around 0.62 percent lower at 1,995.34 points.
South Korea October CPI growth y/y increases to 1.3 % (forecast 1.15 %) vs previous 1.2 %.
South Korea September current account balance increases to 7.06 bln $ vs previous 5.55 bln $ (revised from 5.79 bln $).
South Korea October trade balance prelim increases to 7.2 bln $ vs previous 6.90 bln $.
South Korea October Nikkei Markit manufacturing PMI increases to 48.0 vs previous 47.6.
We prefer to go short on USD/KRW around 1,145, stop loss 1,152 and target 1,137/1,127.
