USD/DKK 1H Chart: Short-term channel in sight

Source: Dukascopy Bank SA
Indicator4H1D1W
MACD(12;26;9)SellBuyBuy
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)NeutralBuyNeutral
Alligator(13;8;5)SellNeutralBuy
SAR(0.02;0.2)SellSellBuy
Aggregate

The USD/DKK currency pair has been trading within the ascending channel since the beginning of January.  

Currently, the exchange rate is testing the lower channel boundary at 6.5700. From a theoretical perspective, it is expected that the rate reverses north in the nearest future and targets the upper channel line located in the 6.7000/6.7200 range. 

However, if given channel does not hold, it is likelt that a breakout north occurs within the following session, as the rate is being pressured by the 55– and 100-hour SMAs. A possible downside target is the psychological level at 6.5400.

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