USD/DKK 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
For the time being USD/DKK is bearish, as the currency pair formed a descending channel after jumping to 6.8160 amid the referendum in the United Kingdom. The sellers are highly unlikely to stay in control for long, however. The price is slowly returning back to the broken seven-month trend-line, which is supposed to trigger heavy buying once the rate reaches 6.6350, where demand is also implied by the lower bound of the pattern and the weekly S1. Another bullish argument is the fact that 74% of open positions are short. Alternatively, if the price closes above 6.7075, our focus will shift to 6.7550/6.7490 (weekly R1 and June 30 high). Additional resistance is at 6.78, represented by the June 27 high.
© Dukascopy Bank SA
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