USD/DKK 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
There are good reasons to be bullish on USD/DKK in the very near term, but in the perspective of several weeks the currency pair is likely to lose ground. At the moment the price is right at the lower bound of the emerging ascending channel. The rate is thus expected to rebound from 6.76. The upside, however, is limited by the major resistance trend-line that connects April-July highs. Once the price rises to 6.80, the bears should take over and push the price out of the pattern. The sell-off will have the potential to extend down to 6.62-6.64. The bearish scenario is also supported by the sentiment in the SWFX market, where as many as 72% of traders are holding long positions.
© Dukascopy Bank SA
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