FxWirePro: South Korean won opens onshore trade at 1,109.0 per dollar, bias remains neutral

• USD/KRW is currently trading around 1,110 levels.
   
• It made intraday high at 1,111 and low at 1,108 levels.
   
• Intraday bias remains neutral for the moment.
   
• A sustained close below 1,105 will test key supports at 1,101/1,095/1,078/1,063 levels respectively.
   
• Alternatively, reversal from immediate support will drag the parity higher towards key resistances at 1,124, 1,128, 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 0.52 percent lower at 2,019.28 points.
   
• South Korea July CPI growth y/y decrease to 0.7 % (forecast 0.80 %) vs previous 0.8 %.
   
• South Korea July CPI growth increase to 0.1 % (forecast 0.20 %) vs previous 0.0 %.

We prefer to take short position in USD/KRW only below 1,105 with stop loss at 1,124 and target 1,095/1,063.