USD/DKK 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/DKK stepped down from the eight-month high at 6.8537, adding an upside restriction to the downtrend to form a channel a week ago. The pair is showing trouble with the current wave up and is still sticking to the bottom boundary at 6.7231. A move to the upside will be capped by the 6.7500 area and several intermediate resistances are bound to make the way rockier. With SMAs putting pressure from the upside, there is little doubt that the downtrend will continue. In case the pair breaks the bottom trend-line of the channel, 6.7050 will become the first level to hold onto and a break below would open the way for tests of 6.6804.
© Dukascopy Bank SA
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