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FxWirePro: USD/KRW hovers around 1,210 mark, consistent close above targets 1,220

  • USD/KRW is currently trading around 1,207 levels.
     
  • It made intraday high at 1,210 and low at 1,207 marks.
     
  • Intraday bias remains neutral till the time pair holds key resistance at 1,210 levels.
     
  • A daily close above 1,208 will drag the parity higher towards key resistances at 1,220 (March 03, 2016 high) and 1,244 marks respectively.
     
  • On the other side, a sustained close below 1,208 will test key supports at 1,200/1,194/1,182/1,172/1,168/1,160/1,152/1,146/1,132/1,127/1,117 levels respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
     
  • PBOC sets yuan mid-point at 6.9497 / dollar vs last close 6.9560.

Positioning is inconclusive at this point, with prices offering no clear cut signal to initiate a long or short trade. We will continue to remain on sidelines for the time being.

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