FxWirePro: South Korean won opens onshore trade at 1,113.0 per dollar, bias remains neutral
USD/KRW is currently trading around 1,112 levels. It made intraday high at 1,115 and low at 1,112 levels. Intraday bias remains neutral till the time pair holds key support at 1,106 levels. A sustained close below 1,105 …
It made intraday high at 1,115 and low at 1,112 levels.
Intraday bias remains neutral till the time pair holds key support at 1,106 levels.
A sustained close below 1,105 will test key supports at 1,101/1,095/1,078/1,063 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.
In addition, South Korea’s Kospi was trading 0.72 percent lower at 2,004.18 points.
South Korea’s July FX reserves increase to 371.38 bln $ vs previous 369.89 bln $.
We prefer to take short position in USD/KRW only below 1,105 with stop loss at 1,124 and target 1,095/1,063.
