USD/DKK 30M Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/DKK topped the half-year climb at 7.1560 and now appears to be forming a head and shoulders on the daily chart. The neck-line has arguably been tested at 7.0562 and the pair has entered a small-scale channel up pattern on the hourly chart. While bullish pressures still stem from the new pattern, the pair encountered the 7.0089 level, which it has not been able to break on two attempts, putting forth two scenarios – a bullish ascending triangle and a potential double top. We would expect the double top to hold rather than the triangle due to the senior head and shoulders which should ultimately lead to 6.8848 on a large scale, with short-term immediate supports at 6.9980 and 6.9951, respectively.
© Dukascopy Bank SA
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