USD/DKK 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
For the third consecutive week the USD/DKK currency cross has been trading sideways, even though there no strong support lines at least down to 5.89 (weekly S2; monthly pivot point). At the same time, if the mentioned level is reached in the foreseeable future, the demand area is likely to be strong enough to push the US dollar back to the north, as suggested by daily technical studies, as they give completely no signals to sell the pair. The same opinion is shared by the vast part of SWFX traders. At the moment 58% of all opened positions on this currency pair are set to acquire the Greenback versus the Danish Krona, while other 42% of traders are holding short positions.
© Dukascopy Bank SA
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