USD/DKK 4H Chart: Channel Down

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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.