FxWirePro: South Korean won opens onshore trade at 1,118.0 per USD, faces strong resistance at 1,128
USD/KRW is currently trading around 1,119 levels. It made intraday high at 1,120 and low at 1,116 marks. Intraday bias remains neutral till the time pair holds key resistance at 1,128 levels. A sustained close below 1,11…
It made intraday high at 1,120 and low at 1,116 marks.
Intraday bias remains neutral till the time pair holds key resistance at 1,128 levels.
A sustained close below 1,112 will test key supports at 1,107/1,092/1,078/1,063/1044 levels respectively.
Alternatively, a daily close above 1,128 will drag the parity higher towards key resistances at 1,128, 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 around 0.79 percent higher at 2,048.32 points.
Positioning is inconclusive at this point, with prices offering no clear cut signal to initiate a long or short trade. We will continue to remain on sidelines for the time being.
