USD/DKK 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
After peaking at 5.8487 in July, the greenback has began losing its ground versus the Danish Krone. While a 1650-pip move during January was adding to signs the depreciation is over, a formation of the channel down is pointing to another steep decline. At the moment of writing the pair was trading almost at pattern's lower boundary, and a move below it will indicate only further movement to the south. Aggregate technical indicators, however, are neutral, pointing to a sideways movement. Moreover, indicators that are showing strength of the trend are suggesting market is oversold. Moreover, 71% of opened positions are long.
© Dukascopy Bank SA
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Thu, 13 Mar 2014 14:05:22 GMT

CAD/CHF 4H Chart: Channel Down

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