USD/DKK 1H Chart: Rising Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
During the month ended March 13, the U.S. Dollar was losing ground against the Danish Krone, but in mid-March, the pair entered a bullish formation, rising wedge, that acted as a helping hand aiding the pair to recover some of the previous losses. However, the up-trend seems to have come to an end as USD/DKK plummeted below the lower boundary of channel five hours earlier that signals on a looming sell-off. At the same time, the SWFX data gainsays the bearish scenario, with almost 84% of traders betting on appreciation of the pair in the hours to come.
© Dukascopy Bank SA
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