FxWirePro: USD/KRW hits fresh 4-week high at 1,124, faces strong resistance at 1,127
USD/KRW is currently trading around 1,123 levels. It made intraday high at 1,124 and low at 1,123 marks. Intraday bias remains bullish till the time pair holds key support at 1,117 levels. A daily close above 1,127 will …
It made intraday high at 1,124 and low at 1,123 marks.
Intraday bias remains bullish till the time pair holds key support at 1,117 levels.
A daily close above 1,127 will drag the parity higher towards key resistances at 1,142, 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 1,117 will test key supports at 1,107/1,101/1,089/1,078/1,063/1,044 levels respectively.
In addition, South Korea’s Kospi was trading around 0.12 percent higher at 2,034.26 points.
South Korea’s September unemployment rate increase to 4.0 % vs previous 3.8 %.
We prefer to go long on USD/KRW only above 1,124, stop loss 1,111 and target 1,142.
