USD/DKK 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The greenback has been steadily losing ground versus the Danish Krone since January 24, as the pair refused to climb above 5.54-mark. On April 4, bulls made an attempt to penetrate the upper trade line, however they were not strong enough, and the pair retreated back under the 200-period SMA. This time, the pair has a potential to at least climb back to 5.4461, as 74% of traders are holding long positions, while aggregate technicals on the 4H chart are sending ‘buy' signals. The only fact that speak in favour of another unsuccessful attempt is the ‘sell' signal from technicals on a weekly chart. The short-term outlook is bullish, as long traders should focus on a weekly PP at 5.4033.
© Dukascopy Bank SA
Back to articles

Actual Topics

Subscribe to "Fundamental Analysis" feed

Subscribe
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.