FxWirePro: South Korean won rejects key resistance at 1,152, bias turns bearish again
USD/KRW is currently trading around 1,142 levels. It made intraday high at 1,145 and low at 1,141 marks. Intraday bias remains bearish till the time pair holds key resistance at 1,152 levels. A daily close above 1,152 wi…
It made intraday high at 1,145 and low at 1,141 marks.
Intraday bias remains bearish till the time pair holds key resistance at 1,152 levels.
A daily close above 1,152 will drag the parity higher towards key resistances at 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 1,142 will test key supports at 1,127/1,117/1,111/1,101/1,089/1,078/1,063/1,044 levels respectively.
In addition, South Korea’s Kospi was trading around 0.31 percent higher at 1,985.54 points.
South Korea October FX reserves decreases to 375.17 bln $ vs previous 377.77 bln $.
We prefer to go short on USD/KRW only below 1,142, stop loss 1,152 and target 1,127.
