USD/DKK 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Although USD/DKK is slowly but surely approaching the upper bound of the bearish channel that is forming in the daily chart, there is a good chance the rate will remain bullish until the end of the next week. During the next few days the Greenback is to undergo a downward correction from 6.65, but the green trend-line should be enough to limit the sell-off and initiate a recovery towards 6.70. Even if the price slips under 6.58, there will still be a solid demand area at 6.5576/6.5441, which, among others, consists of the monthly pivot point and 200-period SMA. The US Dollar, however, is currently overbought—three fourths of positions are long, and a surge beyond 6.70 is therefore not expected.
© Dukascopy Bank SA
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