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FxWirePro: USD/KRW Daily Stochs show a bearish crossover

The South Korean won edged up against the dollar on Friday, snapping a four-day losing spree The won was 0.3 percent stronger at 1,146.1 per U.S. dollar at 0238 GMT after hitting its weakest in two years at 1,150.4 on Th…

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  • The South Korean won edged up against the dollar on Friday, snapping a four-day losing spree

  • The won was 0.3 percent stronger at 1,146.1 per U.S. dollar at 0238 GMT after hitting its weakest in two years at 1,150.4 on Thursday

  • Renewed funding for debt-laden Greece aroused risk sentiment while exporters bought the currency to settle international contracts

  • Daily Stochs show a bearish crossover from overbought levels, USD/KRW could see some correction in the near term

  • Next resistance is seen at 1152(Jul 13' highs), while 1138.35 (Daily Tenkan-Sen) would provide support on the downside

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