- USD/KRW is currently trading around 1,123 levels.
- It made intraday high at 1,124 and low at 1,123 levels.
- Intraday bias remains bearish for the moment.
- A sustained close below 1,121 will test key supports at 1,115/1,101/1,095/1,078/1,063 levels respectively.
- Alternatively, reversal from immediate support will drag the parity higher towards key resistances at 1,138, 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 0.13 percent higher at 2,023.28 points.
We prefer to take short position in USD/KRW only below 1,121 with stop loss at 1,138 and target 1,101.
