USD/DKK 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/DKK tapped at 14-year highs in December 2016, but then went on to post a downfall which was somewhat reversed in a channel up pattern. The pair might be attempting a head and shoulders formation on the daily chart with a shoulder at 7.0567 – and current developments speak in favour of such a scenario due to the broken channel which was abandoned exactly at the rate's encounter with the shoulder. We consider a retracement to be done already and risks are skewed entirely to the downside now, making 6.9844/11 the next area to test. We will look for a large-scale downtrend until technicals and fundamentals prove us otherwise
© Dukascopy Bank SA
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