USD/DKK 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Despite the fact Danish Krone is sold in 70.85% of all cases across the boars, the USD/DKK cross is still depreciating. Moreover, the pair has formed a channel down pattern on November 21 and it seems the downside trend will continue in the nearest future. Though 71.64% of opened positions are long, the pair has been moving sideways since December 11, and even though soon it will approach pattern's resistance, a move above it is unlikely. The main reason behind this statement is the "sell" signal from aggregate technical indicators. The short-term outlook is bullish, while in a longer term the pair is still expected to fell. Hence, the next key level for short traders is located around 5.40.
© Dukascopy Bank SA
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