USD/DKK 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Soon after peaking at 5.6111 USD/DKK came under strong selling pressure and fell beneath the 200-period SMA. Accordingly, there is a good chance the currency pair will descend from the current trading levels to at least the lower edge of the downward-sloping corridor at 5.3750. This course of events is also suggested by the technical indicators on the four-hour chart—four of them are bearish and only one is bullish. For this scenario to materialise, the upper falling trend-line, currently at 5.4450, should limit the rallies in the short run, though the negative with respect to USD/DKK bias will remain topical unless the resistance at 5.4694 (weekly R1 and 200-period SMA) is broken to the upside.
© Dukascopy Bank SA
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