USD/DKK 4H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
After peaking at 5.609 on November 7, the pair has began a movement to the south. There has been an attempt to break the resistance line at 5.4746, however, bulls were not strong enough. The outlook for the pair is bearish, as technical indicators are sending ‘sell' signals, suggesting the latest rally is running out of steam. At the moment of writing the pair was trading at 5.4462, approaching a weekly pivot and daily S1. The majority of pending orders across the board at placed to sell the pair, meaning bears will get additional support from orders. In this case, the potential take profit could be placed at 5.4127, more than 340 pips from the market price. The usual daily volatility is around 100 pips.
© Dukascopy Bank SA
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