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- USD/KRW is currently trading around 1,168 levels.
- It made intraday high at 1,172 and low at 1,166 marks.
- Intraday bias remains bearish till the time pair holds key resistance at 1,172 levels.
- A daily close above 1,172 will drag the parity higher towards key resistances at 1,178, 1,185, 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 1,168 will test key supports at 1,160/1,152/1,146/1,132/1,127/1,117/1,111/1,101 levels respectively.
- Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
We prefer to take long position in USD/KRW around 1,168, stop loss at 1,160 and target of 1,178/1,187/1,196.
