FxWirePro: South Korean won opens up more than 1 pct against U.S. dollar, sustained break below 1,093 targets 1,063
USD/KRW is currently trading around 1,094 levels. It made intraday high at 1,095 and low at 1,093 marks. Intraday bias remains bearish till the time pair holds key resistance at 1,107 levels. A daily close above 1,117 wi…
It made intraday high at 1,095 and low at 1,093 marks.
Intraday bias remains bearish till the time pair holds key resistance at 1,107 levels.
A daily close above 1,117 will drag the parity higher towards key resistances at 1,122, 1,138, 1,142, 1,152, 1,162, 1,176, 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 1,092 will test key supports at 1,078/1,063/1044 levels respectively.
In addition, South Korea’s Kospi was trading around 0.33 percent higher at 2,072.72 points.
We prefer to go short on USD/KRW only below 1,092 with stop loss at 1,117 and target of 1,078/1,063.
