USD/DKK 1H Chart: Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/DKK not only failed to re-approach a five-month high of 5.5274 attained early June but also came under heavy selling pressure that pushed the pair into a falling wedge pattern. However, throughout the period of its weakness, the currency couple has been demonstrating a strong unwillingness to depreciate by trying to consolidate above the tunnel's resistance more than once. Currently, the pair also is on its way towards the up-trend resistance and given that 60% of positions on the SWFX are long we may observe another attempt to exit the formation before long.
© Dukascopy Bank SA
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