USD/DKK 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Being unable to cross resistance at 6.9030, USD/DKK turned around and is now forming a downward channel. In the near-term there is likely to be a rally, as the rate is right next to the lower boundary of the pattern. But as soon as the price recovers to 6.78, the bears should regain control of the pair. The first target is the monthly pivot point at 6.6920, followed by the Jul 10 low at 6.6536 and finally by the Jun 20 low at 6.6161. Alternatively, if the Dollar closes above 6.78, the gains are to be extended to 6.83, where the weekly PP coincides with the Jul 24 high and 200-hour SMA. Meanwhile, the SWFX sentiment is distinctly bearish, being that as many as 71% of open positions are short.
© Dukascopy Bank SA
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