USD/DKK 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Dollar is estimated to recover up to 6.66 against the Danish Krone, where the next down-leg is going to commence. However, four-hour technical indicators are now pointing to the downside, meaning a renewed movement down can begin earlier than expected. The key obstacle is 55-hour SMA at 6.6487, which is quickly heading downwards and is reinforced by the 100-hour moving average from the North. Within the channel down pattern, a sell-off should target the first weekly support line at 6.5841. Success here will pave the way for a drop down to the green trend-line. At the same time, SWFX sentiment assumes the Buck remains oversold, as 72% of all open trades are short.
© Dukascopy Bank SA
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