USD/DKK 1H Chart: Bulls likely to prevail
|The US Dollar is appreciating against the Danish Krone in a short term ascending channel. This gradual increase in price began when the rate reversed from the 6.3600 mark.
Currently, the rate is being supported by the 55– and 100-hour SMAs on the 1H time-frame. It is expected that the rate eventually gathers the necessary momentum to breach the junior channel.
However, it should be taken into account that the pair is pressured by the 200-hour SMA at 6.4137 and this advance might not be immediate.
An important level to look out for is the monthly R1 at 6.4353.
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