FxWirePro: USD/KRW hits fresh 3-month high at 1,148, faces strong resistance at 1,152
USD/KRW is currently trading around 1,146 levels. It made intraday high at 1,148 and low at 1,146 marks. Intraday bias remains bullish till the time pair holds key support at 1,137 levels. A daily close above 1,142 will …
It made intraday high at 1,148 and low at 1,146 marks.
Intraday bias remains bullish till the time pair holds key support at 1,137 levels.
A daily close above 1,142 will drag the parity higher towards key resistances at 1,152, 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 1,137 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 0.36 percent lower at 2,012.48 points.
South Korea September service sector output decreases to -0.6 % vs previous 0.7 %.
South Korea September industrial output y/y decreases to -2 % (forecast -1.5 %) vs previous 2.3 %.
South Korea Sep industrial output growth increases to 0.3 % (forecast -0.5 %) vs previous -2.4 %.
We prefer to go long on USD/KRW around 1,144, stop loss 1,127 and target 1,152/1,168.
