USD/DKK 4H Chart: Channel up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The US Dollar is in an interesting channel up pattern against the Danish Krona. According to the pattern, the Greenback is set to continue appreciating against the Krona. However, this channel up pattern is only viable on a smaller scale, as the currency pair is in a downward trend on a larger scale. This contradiction between the two of them makes it easier to predict, where the exchange rate is heading. At the moment, the pair is moving north at 6.6268 in accordance with the channel up pattern, and it is struggling with the weekly R1 at 6.6452, which will probably be broken soon. Later on, the currency exchange rate is set to meet strong resistance at the upper trend line of the larger scale channel down pattern around the level of 6.6500.
© Dukascopy Bank SA
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