USD/DKK 1H Chart: Rising Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Almost a one-month long rise performed by USD/DKK helped the pair to form an 83-bar long rising wedge pattern started on Jul 24.

Now the pair is trading near a 10-month high of 5.5632 and is likely to re-approach this peak in the foreseeable future given the overall upside trend and bullishness on the SWFX. Hence, in the hours to come, USD/DKK may target 5.5619/29 (four-hour R1, R2) that if overcome will bring the level of 5.5840 (four-hour R3; pattern's resistance) to the picture. Technical indicators also point to a possible climb in the next hour but send neutral signals for a longer-term.
© Dukascopy Bank SA

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