USD/DKK 4H Chart: Channel Down
USD/DKK 4H Chart: Channel Down
- The American Dollar is losing value against the Danish Krone in a three week long descending channel.
- Formation of the pattern began shortly after the Greenback depreciated by 1.55% on June 27.
- In the second half of the yesterday’s trading session the currency exchange rate has bounced off from the channel’s bottom trend-line, which was additionally protected by the weekly S2 at 6.4315.
- Most probably, and impulse given by this combined support level will be strong enough to guide the pair though the weekly S1 at 6.4585.
- Unless no fundamental events will happen, the surge is expected to continue until the pair reaches a combined resistance level, which will be set up by that time by the 55-period SMA and the weekly PP at 6.4996.
