USD/DKK 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The USD/DKK currency cross has created a very similar channel down pattern, compared with CAD/CHF pair. Moreover, the development stage inside pattern's boundaries looks quite similar as well. However, for the US Dollar to decline as low as pattern's support, it will have to breach a more important demand area at first, which is represented by the weekly S1 at 6.5561. In case of the success, the lower trend-line will be estimated to be reached by the end of this week. A bounce off from 6.51 is possible, especially taking into consideration a strong advantage of the bullish (71%) positions over the bearish ones (29%). Technical studies, however, are pointing sideways at the moment.
© Dukascopy Bank SA
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