Korean won gains against US dollar after the Bank of Korea stands pat

• USD/KRW is currently trading around 1205.80 marks.
   
• It made intraday high at 1213.40 and low at 1205.10 levels.
   
• Intraday bias remains bearish for the moment till the time pair holds key resistance at 1217 levels.
   
• Today South Korea's central bank held its base rate steady at 1.5% for the ninth straight month as expected Thursday.
   
• A current downfall from 1217 will likely to break key support level at 1197.80 and 1180 marks thereafter.
   
• A daily close below key support at 1197 is required to confirm the bearish trend.
   
• Alternatively, reversal from key support area will take the parity back above 1217/ 1235 marks.

We prefer to take short position in USD/KRW around 1205, stop loss 1213 and target 1197/1187 levels thereafter.