FxWirePro: South Korean won opens onshore trade at 1,103.1 per dollar, faces strong support at 1,092
USD/KRW is currently trading around 1,106 levels. It made intraday high at 1,107 and low at 1,103 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 1,107 and low at 1,103 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 1,138, 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 1,102 will test key supports at 1,092/1,078/1,063/1044 levels respectively.
In addition, South Korea’s Kospi was trading around 0.04 percent higher at 2,060.32 points.
We prefer to go short on USD/KRW only below 1,102 with stop loss at 1,122 and target of 1,092/1,078.
