- USD/KRW is currently trading around 1,138 levels.
- Pair made intraday high at 1,140 and low at 1,135 marks.
- Intraday bias remains neutral till the time pair holds key support at 1,138 marks.
- A daily close above 1,138 will drag the parity higher towards key resistances at 1,145, 1,155, 1,168, 1,172, 1,186, 1,197, 1,203, 1,211 marks respectively.
- On the other side, a sustained close below 1,138 will test key supports at 1,127/1,118/1,107 levels respectively.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.
- South Korea’s February BOK base rate stays flat at 1.25 % (forecast 1.25 %) vs previous 1.25 %.
We prefer to take short position in USD/KRW around 1,138, stop loss 1,145 and target of 1,127.
