USD/DKK 1H Chart: Bulls likely to prevail

Dukascopy Bank Team Dukascopy Bank SA

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.

Author

Dukascopy Bank Team

Dukascopy Bank SA

Dukascopy Bank stands as an innovative Swiss online banking institution, with its headquarters situated in Geneva, Switzerland.

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