Fxwirepro: South Korean Won Gains Sharply Against U.s. Dollar As Manufacturing Bsi Index Meets Expectations

USD/KRW is currently trading around 1165 levels.
It made intraday high at 1170 and low at 1165 levels.
Intraday bias remains bearish till the time pair holds key resistance at 1176 mark.
A sustained close below 1162 will tests key supports 1153/1142 (20D EMA)/ 1134/1127 (October 2015 low) /1121/1115 levels respectively.
Alternatively, a daily close above 1176 will drag the parity higher towards key resistances at 1182, 1196, 1201, 1209 (20D EMA) and 1220 (March 03, 2016 high) marks respectively.
In addition, South Korea’s Kospi was trading 1.18% higher at 1,959.92 points.
South Korea’s manufacturing BSI index stays flat at 72 vs previous 72.
We prefer to take short position in USD/KRW only below 1162, stop loss 1172 and target 1153/ 1145 marks respectively.

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