FxWirePro: South Korean won opens onshore trade at 1,116.8 per U.S. dollar, bias remains bearish
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 bearish till the time pair holds key resistance at 1,127 levels. A daily close above 1,127 wi…
It made intraday high at 1,116 and low at 1,114 marks.
Intraday bias remains bearish till the time pair holds key resistance at 1,127 levels.
A daily close above 1,127 will drag the parity higher towards key resistances at 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 1,117 will test key supports at 1,107/1,090/1,078/1,063/1,044 levels respectively.
In addition, South Korea’s Kospi was trading around 0.07 percent higher at 2,027.82 points.
South Korea’s August PPI growth increases to 0.1 % vs previous -0.1 %.
South Korea’s August growth y/y increase to -1.7 % vs previous -2.5 % (revised from -2.4 %).
We prefer to go short on USD/KRW around 1,118 with stop loss at 1,127 and target of 1,102/1,090.
