FxWirePro: South Korean won opens onshore trade at 1,116.0 per dollar, faces key resistance at 1,117
USD/KRW is currently trading around 1,115 levels. It made intraday high at 1,116 and low at 1,114 marks. Intraday bias remains neutrals till the time pair holds key resistance at 1,117 levels. A daily close above 1,117 w…
It made intraday high at 1,116 and low at 1,114 marks.
Intraday bias remains neutrals 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 0.24 percent lower at 2,060.82 points.
We prefer to go long on USD/KRW only above 1,117 with stop loss at 1,107 and target of 1,142.
