USD/DKK 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Following the release of the FOMC minutes, the greenback received a strong bearish bias and continued its depreciation versus the Danish Krone. The pair, however, found a strong support at a weekly S2 at 5.3777, where it was trading at the moment of writing. A move above pattern's resistance is unlikely, keeping in mind Dollar's weakness and ‘sell' signals from aggregate technical indicators on a 4H chart. In case the pair moves below the previously-mentioned support. However, 70% of traders are holding long positions, expecting pair's appreciation. Keeping in mind, the short-term outlook is bearish, while in a longer-term perspective, the pair is likely to appreciate.
© Dukascopy Bank SA
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