USD/DKK 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
After USD/DKK touched a three-week low on November 20, it reversed its trend and started to form a channel up pattern that was 58-bar long when the pair approached the lower trend line. The pair was trying to penetrate this level at the moment of writing and was expected to overcome the pattern's support given a strong bearish sentiment on the market. However, USD/DKK may also attempt to bounce off pattern's limit as 50-hour SMA has recently crossed 200-hour SMA, creating a ‘golden cross' that often leads to a sharp advance of the pair.
© Dukascopy Bank SA
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