USD/DKK 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The US Dollar is appreciating simultaneously in two ascending channels against the Danish Krona. The smaller ascending channel is a representation of the currency exchange rate's rebound from the larger channel's lower trend line. However, the currency exchange rate has been heavily affected by the Fibonacci retracements, which connect the 2015 high level with the 2016 low. In the past months the Fibonacci retracements have always managed to hinder or even reverse the currency rates course. Due to that fact, it is clear that the 61.80% Fibonacci retracement, which already reversed the pair, will provide additional resistance to the Greenback, as it moves to the large scale channel's resistance against the Danish Krona.
© Dukascopy Bank SA
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