FxWirePro: South Korean won opens by more than 1 pct against U.S. dollar, faces key support at 1,101
USD/KRW is currently trading around 1,113 levels. It made intraday high at 1,104 and low at 1,101 marks. Intraday bias remains bearish till the time pair holds key resistance at 1,122 levels. A daily close above 1,122 wi…
It made intraday high at 1,104 and low at 1,101 marks.
Intraday bias remains bearish till the time pair holds key resistance at 1,122 levels.
A daily close above 1,122 will drag the parity higher towards key resistances at 1,132, 1,142, 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 1,101 will test key supports at 1,090/1,078/1,063/1,044 levels respectively.
In addition, South Korea’s Kospi was trading around 0.94 percent higher at 2,055.62 points.
South Korean won opens onshore trade at 1,103.3 per dollar vs 1,120.1 at previous close.
We prefer to go short on USD/KRW only below 1,101 with stop loss at 1,122 and target of 1,090/1,078.
