FxWirePro: South Korean won opens onshore trade at 1,113.0 per dollar, faces key support at 1,107
USD/KRW is currently trading around 1,110 levels. It made intraday high at 1,111 and low at 1,109 marks. Intraday bias remains bearish till the time pair holds key resistance at 1,117 levels. A daily close above 1,117 wi…
It made intraday high at 1,111 and low at 1,109 marks.
Intraday bias remains bearish till the time pair holds key resistance at 1,117 levels.
A daily close above 1,117 will drag the parity higher towards key resistances at 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 1,107 will test key supports at 1,101/1,089/1,078/1,063/1,044 levels respectively.
In addition, South Korea’s Kospi was trading around 0.33 percent higher at 2,059.52 points.
South Korea’s September FX reserves increases to 377.77 bln $ vs previous 375.46 bln $.
We prefer to go short on USD/KRW only below 1,107 with stop loss at 1,117 and target of 1,101/1,092.
