FxWirePro: South Korean won opens onshore trade at 1,090.5 per U.S. dollar, bias remains bearish
USD/KRW is currently trading around 1,092 levels. It made intraday high at 1,092 and low at 1,09 marks. Intraday bias remains bearish till the time pair holds key resistance at 1,107 levels. A daily close above 1,107 wil…
It made intraday high at 1,092 and low at 1,09 marks.
Intraday bias remains bearish till the time pair holds key resistance at 1,107 levels.
A daily close above 1,107 will drag the parity higher towards key resistances at 1,122, 1,138, 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 1,090 will test key supports at 1,078/1,063/1044 levels respectively.
In addition, South Korea’s Kospi was trading around 0.09 percent lower at 2,060.72 points.
We prefer to go short on USD/KRW only below 1,090 with stop loss at 1,107 and target of 1,078/1,063.
