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- USD/KRW is currently trading around 1,207 levels.
- It made intraday high at 1,208 and low at 1,206 marks.
- Intraday bias remains bullish till the time pair holds key support at 1,198 levels.
- A daily close above 1,208 will drag the parity higher towards key resistances at 1,220 (March 03, 2016 high) and 1,244 marks respectively.
- On the other side, a sustained close below 1,200 will test key supports at 1,194/1,182/1,172/1,168/1,160/1,152/1,146/1,132/1,127/1,117 levels respectively.
- Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
- PBOC sets yuan mid-point at 6.9495 / dollar vs last close 6.9540.
We prefer to take long position in USD/KRW only above 1,208, stop loss at 1,198 and target of 1,220/1,228.
