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FxWirePro: South Korean won opens onshore trade at 1,158.5 per dollar, intraday bias remains bearish

  • USD/KRW is currently trading around 1157 levels.
     
  • It made intraday high at 1160 and low at 1155 levels.
     
  • Intraday bias remains bearish till the time pair holds key resistance at 1167 mark.    
     
  • A sustained break below 1152 will tests key supports 1142/1134/1127 (October 2015 low) /1121/1115 levels respectively.
     
  • Alternatively, a daily close above 1167 will drag the parity higher towards key resistances at 1176, 1182, 1196, 1201, 1209 (20D EMA) and 1220 (March 03, 2016 high) marks respectively.
     
  • In addition, South Korea’s Kospi was trading 0.97% higher at 1,972.92 points.

We prefer to take short position in USD/KRW around 1158, stop loss 1172 and target 1142/ 1127 respectively.

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