USD/DKK 4H Chart: Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/DKK is currently approaching the apex of the symmetrical triangle, meaning we should brace ourselves for a substantial increase in volatility. Considering the position of the pair with respect to the major trend-lines, specifically in the daily chart, the chances are in favour of a sell-off. The bearish outlook will be confirmed as soon as the price falls under 6.60. The first target in this case will be the September low at 6.51, followed by the August low at 6.37. The immediate resistance is at 6.65, while the key trend-line is at 6.76. The SWFX market participants appear to agree with the base scenario: as much as 71% of the open positions are short.
© Dukascopy Bank SA
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