USD/DKK 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The outlook on USD/DKK is bullish, as the currency pair is in the process of forming an upward-sloping channel. Meanwhile, we should be wary of a strong supply zone overhead. The closest significant resistance is at 7.06, represented by the monthly R2, but it is followed by the April and March peaks at 7.10 and 7.13, respectively, both of which represent a substantial threat to the current momentum. At the same time, a close beneath the support up-trend at 6.69 will imply a sell-off. The initial targets will be 6.62 and 6.88, while if there is ever going to be a test of the 6.74/71 region, where the October 28 low joins forces with the 200-period SMA and monthly PP, there is likely to be a strong rebound.
© Dukascopy Bank SA
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