FxWirePro: South Korean won opens onshore trade at 1,174.5 per U.S. dollar, faces strong support at 1,162
USD/KRW is currently trading around 1,171 levels. It made intraday high at 1,172 and low at 1,170 marks. Intraday bias remains bearish till the time pair holds key resistance at 1,172 levels. A daily close above 1,172 wi…
It made intraday high at 1,172 and low at 1,170 marks.
Intraday bias remains bearish till the time pair holds key resistance at 1,172 levels.
A daily close above 1,172 will
drag the parity higher towards key resistances at 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 1,172 will test key supports at 1,162/1,152/1,146/1,132/1,127/1,117/1,111/1,101/1,089/1,078/1,063/1,044 levels respectively.
Seoul shares open up 0.11 pct at 1976.58.
We prefer to go short on USD/KRW around 1,170, stop loss at 1,176 and target of 1,162/1,152.
