FxWirePro: USD/KRW Hovers Around Key Resistance at 1193, a Break Above Targets 1211
- USD/KRW is currently trading around 1190 levels.
- It made intraday high at 1191 and low at 1188 levels.
- Intraday bias remains neutral for the moment.
- A daily close above 1193 will drag the parity up towards key resistances at 1201, 1209 (20D EMA) and 1220 (March 03, 2016 high) marks respectively.
- A sustained close below 1177 will test key supports at 1172, 1162, 1153 (November 2015 low) /1142 (20D EMA)/ 1134/1127 (October 2015 low) /1121/1115 levels respectively.
- Today South Korea released PPI data with positive numbers to 0.2% m/m vs -0.1% m/m previous release.
Positioning is inconclusive at this point, with prices offering no clear cut signal to initiate a long or short trade. We will continue to remain on sidelines for the time being.