USD/DKK 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Despite there being a well-defined bullish channel that formed after a test of the major support at 6.50, further appreciation of the US Dollar against the Danish Krone is questionable. Although we still have not seen a reaction, there is a potential seven-month down-trend and monthly PP lying between 6.6940 and 6.6860. Accordingly, also considering that the Greenback is oversold (71% of open positions are long), the base case scenario is a decline from the current levels. However, if the four-hour and daily technical indicators are realised and the price does close above the immediate resistance, there will be a strong case for a rally towards 6.89, namely the March high.
© Dukascopy Bank SA
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