USD/DKK 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Despite the fact the greenback is bought in 66% of the cases and Danish Krone is sold in 70% of the time, USD/DKK has been losing ground since February 3rd, when the pair formed a channel down pattern. According to technical indicators, the pair will move sideways for some time before moving lower. In case pair fails to move below a recent low and weekly S1 at 5.3440 and 5.3417 respectively, than a move back to a recent high can be expected. While aggregate technicals are pointing at pair's depreciation, MACD is suggesting market is oversold already and the pair will climb higher. The long term outlook is still bearish, and the key level for short traders is located at 5.3175.
© Dukascopy Bank SA
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