- USD/KRW is currently trading around 1,097 levels.
- It made intraday high at 1,102 and low at 1,096 levels.
- Intraday bias remains bearish till the time pair holds key resistance at 1,117 levels.
- A sustained close below 1,097 will test key supports at 1,078/1,063/1044 levels respectively.
- Alternatively, reversal from immediate support will drag the parity higher towards key resistances at 1,117, 1,124, 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.
We prefer to take short position in USD/KRW around 1,102 with stop loss at 1,117 and target of 1,078/1,063.
