FxWirePro: South Korean won opens onshore trade at 1,096.5 per dollar, faces key support at 1,089
USD/KRW is currently trading around 1,095 levels. It made intraday high at 1,097 and low at 1,094 marks. Intraday bias remains bearish till the time pair holds key resistance at 1,107 levels. A daily close above 1,107 wi…
It made intraday high at 1,097 and low at 1,094 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 1,112, 1,125, 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 1,095 will test key supports at 1,089/1,078/1,063/1,044 levels respectively.
In addition, South Korea’s Kospi was trading around 0.29 percent lower at 2,056.52 points.
We prefer to go short on USD/KRW around 1,100 with stop loss at 1,107 and target of 1,089/1,078.
