FxWirePro: South Korean won marginally higher in early hours of Asia, downside limited

• USD/KRW is currently trading around 1,165 levels.
   
• It made intraday high at 1,169 and low at 1,164 marks.
   
• Intraday bias remains neutral till the time pair holds key support at 1,160 levels.
   
• A daily close above 1,172 will drag the parity higher towards key resistances at 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 1,160 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 0.60 percent higher at 1,978.48 points.

We prefer to go long on USD/KRW only above 1,176, stop loss 1,160 and target 1,196.