FxWirePro: South Korean won rises by 1 pct against U.S. dollar, bias remains bearish
USD/KRW is currently trading around 1,174 levels. It made intraday high at 1,178 and low at 1,172 marks. Intraday bias remains bearish till the time pair holds key resistance at 1,187 levels. A daily close above 1,182 wi…
It made intraday high at 1,178 and low at 1,172 marks.
Intraday bias remains bearish till the time pair holds key resistance at 1,187 levels.
A daily close above 1,182 will drag the parity higher towards key resistances at 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 1,168 will test key supports at 1,146/1,132/1,127/1,117/1,111/1,101/1,089/1,078/1,063/1,044 levels respectively.
South Korea’s Kospi was trading 0.85 percent higher at 1,982.42 points.
We prefer to go short on USD/KRW around 1,176, stop loss at 1,187 and target of 1,162/1,152.
