USD/DKK 30M Chart: Double Top

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The bullish market might have come to an end for USD/DKK where a double top at 6.9488 appears to be running the trend south. We will look for signals at 6.8897 – the neckline – and a break below will confirm the reversal, while a bounce could lead into a ranging market potentially inside of a rectangle. The pair is currently breaking into the cloud resistance of 9.9234/9.9141 and will face one more critical level at 6.9014 before the neckline is tackled. A break below could be limited by 6.8795 for a retracement, extending bearish potential to 6.8587 with more risk at 6.8352.
© Dukascopy Bank SA
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