Patterns: USD/DKK, EUR/DKK
USD/DKK 4H Chart: Short-term increase expected
Since the end of September, the USD/DKK currency pair has been trading downwards within a descending channel.
From a theoretical point of view, it is likely that the exchange rate could target the upper channel line located circa 6.4000 in the short term. If the given channel holds, the rate could reverse south.
Meanwhile, note that the currency pair is pressured by the 55-, 100– and 200-period moving averages near 6.3230. Thus, a breakout south could occur, and the pair could target the 6.0000 mark.
EUR/DKK 4H Chart: Bulls could prevail in market
Since the beginning of October, the EUR/DKK exchange rate has been trading upwards within an ascending channel.
From a theoretical perspective, it is likely that the currency pair could continue to trade within the predetermined channel in the medium term.
Meanwhile, note that the pair could face the resistance level formed by the Fibo 50.00% at 7.4533. Thus, a breakout south could occur, and the rate could target the 7.4350 mark.
Author
Dukascopy Bank Team
Dukascopy Bank SA
Dukascopy Bank stands as an innovative Swiss online banking institution, with its headquarters situated in Geneva, Switzerland.
