USD/DKK 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A recent attempt of the US Dollar to rebound versus the Danish Krona was stopped by the 6.92 mark, which is reinforced by weekly and daily R1 from above. As a result of that, USD/DKK has finally formed a channel down pattern and is now heading to the south. Being that 200-hour SMA and daily PP have already been eliminated, the most difficult obstacle is currently located around 6.8550 (weekly PP; daily S1; 100-hour SMA). If the cross manages to breach this strong demand zone, we should expect the pair to drop as low as pattern's support at 6.75 in a few days. On the contrary, a failure to cross support area will give a second chance to the Greenback to jump, as suggested by 70% of SWFX traders.
© Dukascopy Bank SA
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