USD/KRW is currently trading around 1,097 levels. It made intraday high at 1,097 and low at 1,092 levels. Intraday bias remains bearish till the time pair holds key resistance at 1,107 levels. A sustained close below 1,0…
It made intraday high at 1,097 and low at 1,092 levels.
Intraday bias remains bearish till the time pair holds key resistance at 1,107 levels.
A sustained close below 1,092 will test key supports at 1,078/1,063/1044 levels respectively.
Alternatively, reversal from immediate support will drag the parity higher towards key resistances at 1,107, 1,117, 1,124, 1,138, 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.
In addition, South Korea’s Kospi was trading around 0.60 percent lower at 2,035 points.
We prefer to take short position in USD/KRW only below 1,092 with stop loss at 1,107 and target of 1,078/1,063.
