USD/DKK 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
After topping out at 5.6101 on Nov 7, the U.S. Dollar has been intermittently but surely depreciating. By connecting the peaks of this cascade of sell-offs, we would get a down-trend resistance that represents the upper boundary of bearish channel (red line on the picture). And while we consider this down-trend to be fairly reliable due to many confirmations it received, the green line on the chart may not turn out to be a true down-trend support line. By drawing a line through the minima charted since Nov 7, we would get a less sloped down-trend support, which would then imply that USD/DKK is forming not the bearish channel, but the falling wedge, a reversal pattern.
© Dukascopy Bank SA
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