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 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.