FxWirePro: USD/KRW exhibits range bound movement, faces strong resistance at 1,148
USD/KRW is currently trading around 1,140 levels. It made intraday high at 1,142 and low at 1,138 marks. Intraday bias remains bullish till the time pair holds key support at 1,132 levels. A daily close above 1,148 will …
It made intraday high at 1,142 and low at 1,138 marks.
Intraday bias remains bullish till the time pair holds key support at 1,132 levels.
A daily close above 1,148 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 1,132 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 0.57 percent higher at 1,993.54 points.
We prefer to go long on USD/KRW around 1,140, stop loss 1,132 and target 1,152/1,162.
