USD/DKK 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
American currency is trading in a distinct up-trend against Danish Krona since Tuesday, September 23. At the moment the Greenback is approaching lower boundary of the channel up. If the pair manages to test this line successfully, we can expect a decline at least down to daily pivot point at 5.8917. Such a development is estimated by majority of market participants, as bears hold 67% of all opened positions. On the other hand, if the trend-line withstands initial attempt to cross it, the pair may surge up to daily R1 resistance line at 5.9240, as suggested by technical indicators. Short and medium-term ones send bullish signals, while daily studies are neutral.
© Dukascopy Bank SA
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