FxWirePro: South Korean won opens onshore trade at 1,170.0 per U.S. dollar, faces strong support at 1,162
USD/KRW is currently trading around 1,166 levels. Pair made intraday high at 1,168 and low at 1,164 marks. Intraday bias remains neutral till the time pair holds key support at 1,162 levels. A daily close above 1,174 wil…
Pair made intraday high at 1,168 and low at 1,164 marks.
Intraday bias remains neutral till the time pair holds key support at 1,162 levels.
A daily close above 1,174 will drag the parity higher towards key resistances at 1,186, 1,197, 1,203, 1,211, 1,220 (March 03, 2016 high) and 1,244 marks respectively.
On the other side, a sustained close below 1,174 will test key supports at 1,162/1,152/1,142/1,132/1,127/1,117 levels respectively.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current down side movement is short term trend correction only.
We prefer to go short on USD/KRW around 1,167 with stop loss at 1,174 and target of 1,162/1,157/1,142.
