USD/DKK 4H Chart: Channel Down

The American Dollar is losing value against the Danish Krone in a three week long descending channel. Formation of the pattern began shortly after the Greenback depreciated by 1.55% on June 27. In the second half of the yesterday's trading session the currency exchange rate has bounced off from the channel's bottom trend-line, which was additionally protected by the weekly S2 at 6.4315. Most probably, and impulse given by this combined support level will be strong enough to guide the pair though the weekly S1 at 6.4585. Unless no fundamental events will happen, the surge is expected to continue until the pair reaches a combined resistance level, which will be set up by that time by the 55-period SMA and the weekly PP at 6.4996.