FxWirePro: USD/KRW Hovers Just Above 1142, Intraday Bias Remains Bearish
- USD/KRW is currently trading around 1143 levels.
- It made intraday high at 1148 and low at 1141 levels.
- Intraday bias remains bearish till the time pair holds key resistance at 1153 levels.
- A daily close above 1153 is required to drag the parity up towards key resistances at 1168/1172/1180/1193 marks.
- Alternatively, reversal from 1152 tests key supports at 1142/1135/1126/1121/1115/1101 marks respectively.
- Today South Korea’s president says there is a need to look at possibly carrying out "selective" quantitative easing.
We prefer to take short position in USD/KRW only below 1142, stop loss 1153 and target 1121 levels.