USD/DKK 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The US Dollar has been appreciating against the Danish Krone since May 15. At the moment, however, the pair is undergoing a period of correction, while moving in the direction of the lower edge of the bullish pattern. The pair is currently capped by the weekly R1 from above at 6.8594, which is going to put additional pressure on the Greenback in the near-term. Alongside, the only obstacle down to the pattern's support is represented by the 100-hour SMA, which is likely to be eliminated with in case of any strong negative impetus. Nevertheless, 74% of SWFX traders are holding long open positions on the Buck, therefore increasing the probability of a rebound in the medium-term.
© Dukascopy Bank SA
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