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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 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.

  • Market Data
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