USD/DKK 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
During the previous week USD/DKK has been forming a well-defined bullish channel, and the currency pair may well keep fluctuating within its borders. The immediate resistance level is represented by the Friday's high, but a real test of the upward momentum is expected at 7.1285, where the US Dollar is going to meet a combination of the trend-line and the Mar high, which already has the experience of stopping a similar rally.
Meanwhile, the technical indicators are largely mixed, with only a slight bias on the four-hour chart, but the SWFX market sentiment is nonetheless strongly positive, as 70% of open positions are long.
© Dukascopy Bank SA
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