USD/DKK 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Almost two full weeks of gains were eventually changed back to a downside movement of the USD/DKK currency pair. The Greenback found a resistance around the 6.89 mark, namely the pattern's upper trend-line, which convinced bears to trigger sell-offs. Despite falling already below the weekly S2 at 6.6974, the pair still has a chance to recover at least some part of losses. At first, the 55-period SMA remains above the 200-period SMA, and these lines crossed each other just two days ago. Moreover, weekly technical indicators are giving signals to acquire the US Dollar against the Danish Krone, while more than 74% of SWFX traders are bullish on the pair at the moment.
© Dukascopy Bank SA
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