USD/DKK 1H Chart: Bulls likely to prevail
The US Dollar has been appreciating against the Danish Krone after the currency pair reversed from the lower boundary of a long-term ascending channel at 6.3200.
Currently, the exchange rate is trading in a short-term ascending channel as well. It is expected that the pair will breach the junior trend and will aim for the upper boundary of the senior channel located circa 6.6000. An important level to look out for is the 2018 high at 6.5691.
It is the unlikely case that some bearish pressure still prevails in the market, the US Dollar should not exceed the 100– and 200-period SMAs (4H), currently located near 6.4140.
Currently, the exchange rate is trading in a short-term ascending channel as well. It is expected that the pair will breach the junior trend and will aim for the upper boundary of the senior channel located circa 6.6000. An important level to look out for is the 2018 high at 6.5691.
It is the unlikely case that some bearish pressure still prevails in the market, the US Dollar should not exceed the 100– and 200-period SMAs (4H), currently located near 6.4140.