USD/DKK 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since USD/DKK confirmed presence of the demand at 5.44 on Jul 1, the rate has been in a distinct up-trend. As the currency pair formed a bullish channel during this time and most of the daily and weekly technical indicators are currently pointing up, there is a high possibility the tendency is going to persist.
Right now the U.S. Dollar is expected to climb over the resistance at 5.5783 (weekly R1 and Jul 30 high) and then test a rising trend-line at 5.61. However, the supply at the latter level will likely force the pair to retreat, though the sell-off should prove to be short-lived and at the same time limited by the lower boundary of the channel.
© Dukascopy Bank SA
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