FxWirePro: South Korean won opens onshore trade at 1,201.0 per dollar, bias remains bullish

• USD/KRW is currently trading around 1,205 levels.
   
• It made intraday high at 1,205 and low at 1,201 marks.
   
• Intraday bias remains bullish till the time pair holds key support at 1,194 levels.
   
• A daily close above 1,206 will drag the parity higher towards key resistances at 1,209 (20D EMA), 1,220 (March 03, 2016 high) and 1,244 marks respectively.
   
• On the other side, a sustained close below 1,194 will test key supports at 1,182/1,172/1,168/1,160/1,152/1,146/1,132/1,127/1,117/1,111/1,101 levels respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
   
• South Korea Central bank says debt-servicing ability may fall at some households as interest rate rises.
   
• South Korea Central bank says level of private sector leverage worsened in Q3 2016 vs 2015- end.

We prefer to take long position in USD/KRW around 1,202, stop loss at 1,194 and target of 1,220/1,228.