USD/DKK 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/DKK is well-positioned for a rally. Not only did the pair form an ascending channel, but it is also near the lower edge of the pattern, which implies a bullish outlook for the short term. The current target is therefore the red trend-line at 6.9250/00, where we have the weekly R2 and Jan 21 high. An even stronger resistance level is 6.9660, namely the January high. Alternatively, in case the rate dips under 6.81, the bulls will still have a chance to regain control over the situation at 6.7750 (monthly PP and 200-period) and at 6.7450/10 (weekly S1 and Feb 26 low). Meanwhile, the sentiment in the SWFX market is moderately bearish—57% of open positions are short.
© Dukascopy Bank SA
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