USD/DKK 4H Chart: Falling Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Danish Krone has been weakening with the Euro due to its peg to the single currency, meaning USD/DKK's appreciation is justified. However, in the short term this pair is estimated to commence a downward correction, by tumbling down from 7.04. Target bearish level is 6.95, where weekly S1 is guarding the lower trend-line of the pattern. US Dollar also seems to be overbought at the moment, being that 71% of all open positions are long. Daily and weekly technical indicators are mixed right now and they have no clear opinion on the matter. In case a drop takes place, the USD/DKK cross will have to penetrate Nov 10 high at 6.99 and 55-period SMA at 6.97, before finally approaching the trend-line.
© Dukascopy Bank SA
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