FxWirePro: South Korean won opens onshore trade at 1,114.0 per dollar, bias remains bearish
USD/KRW is currently trading around 1,113 levels. It made intraday high at 1,114 and low at 1,110 marks. Intraday bias remains neutrals till the time pair holds key support at 1,109 levels. A daily close above 1,117 will…
It made intraday high at 1,114 and low at 1,110 marks.
Intraday bias remains neutrals till the time pair holds key support at 1,109 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 1,109 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 0.04 percent higher at 2,054.26 points.
We prefer to go short on USD/KRW only below 1,109 with stop loss at 1,122 and target of 1,101/1,089.
