USD/DKK 4H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The USD/DKK pair has been moving sideways since July and it seems that the pair has found a strong support at 5.3438, a level that has not been penetrated for more than 3 years. Market sentiment (73%) and technical indicators on the 4H chart are suggesting the short-term outlook is bullish and the pair will bounce back from the 200-period SMA and head towards pattern's resistance line. A penetration of the upper trend line, however, is unlikely, as indicators on a daily and weekly charts are sending ‘sell' signals, therefore, the long-term outlook is bearish. A move below 5.4017 will clear the way for a weekly and daily support at 5.3884 and then to a weekly S2 at 5.3718.
© Dukascopy Bank SA
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