USD/DKK 4H Chart: Rising Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since the end of last year's December the U.S. Dollar has been appreciating relative to the Danish Krone. However, while USD/DKK was in a strong up-trend, the trading range of the currency pair has been gradually diminishing. Accordingly, we may assume that the price has formed a rising wedge pattern and therefore is facing considerable downside risks.
For the bearish potential to materialise, however, USD/DKK will have to breach the lower up-trend line at 5.4949, this in turn will expose the support at 5.4550, the current location of the 200-period SMA. If the sell-off persists, the weekly S3 at 5.3658 will be the ultimate target.

© Dukascopy Bank SA
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