USD/DKK 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The rate at which the US Dollar has been appreciating relative to the Danish Krone since the beginning of March has moderated, leading to formation of a bullish channel. At the moment the currency pair is trading in the lower part of the pattern, meaning the risks are skewed to the upside. Moreover, most of the technical indicators, especially on the daily chart, are pointing up. The immediate resistance is at 7.0732, followed by a combination of the daily R1 and Mar 13 high at 7.1286, just beneath the upper boundary of the channel at 7.1500. At the same time, the SWFX traders' sentiment is strongly bullish, with 74% of all open positions being long.
© Dukascopy Bank SA
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