USD/DKK 1D Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/DKK is currently in a good position to advance north. The currency pair has recently found solid support at 6.70, thus confirming topicality of the bullish channel. The immediate resistance is at 6.97 (monthly R3), but neither this obstacle, nor the one at 7.07 (2003 Mar high) are expected to change the general direction of the US Dollar. The downward correction is expected at 7.28, where the price will supposedly meet the upper boundary of the pattern together with the 2002 Jul low. Meanwhile, the sentiment among the SWFX market participants is strongly bullish, being that as many as 73% of them are presently holding long positions.
© Dukascopy Bank SA
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