USD/DKK 1H Chart: Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since the beginning of this month USD/DKK has been trading within the boundaries of the symmetrical triangle, but now the currency pair is approaching the apex of the pattern, meaning we should be wary of a break-out in the nearest future.
Right now the U.S. Dollar is testing the upper trend-line. Accordingly, it should turn around at 5.48 and then head towards the lower edge of the triangle at 5.4660. As for the sentiment, the SWFX market participants are strongly convinced that the Greenback is going to outperform the Danish Krone in the end, being that three out of four open positions are presently long.
© Dukascopy Bank SA
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