FxWirePro: South Korean won opens onshore trade at 1,208.0 per dollar, PBOC sets yuan mid-point at 6.9495
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 …
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.
