USD/DKK 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Having surpassed its 200-hour SMA on August 28, the currency couple rallied to the seven-week high of 5.6776; the pair came off this level to move to the south; however, the downside pressure weakened and the pair managed to reverse its direction to reach almost an eight-week high of 5.6928 on September 6. After that, USD/DKK went down and dived under its 20-hour SMA to trade near the daily pivot at 5.6625. The pair is likely to find a prop at this mark that will allow USD/DKK regain momentum for appreciation towards its short-term SMA at 5.6668.
© Dukascopy Bank SA
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