USD/DKK 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since early February, the U.S. Dollar has been losing ground against the Danish Krone and in the last days of winter it embarked upon shaping a wide channel down pattern that now is almost 150-bar long.
The downside pressure, subject to which the pair has been for more than a month, has recently pushed USD/DKK to a three-year low of 5.3638. However, the greenback showed unwillingness to slump further versus its European peer and even managed to rebound slightly by overcoming the formidable resistance represented by the 50-hour SMA at 5.3782. Now the pair is trading above this mark but may dive below it given bearish technical signals.
© Dukascopy Bank SA
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