Currency Analyst since 2010

USD/DKK: trade idea

Dima Chernovolov

• USD/DKK approaches buy target 6.700

• Next buy target - 6.800

USD/DKK has been rising from the middle of February – in line with our previous forecast for this instrument. The pair earlier reversed up once again from the strong support zone lying between the support level 6.500 (which also reversed the previous intermediate ABC correction (4)), the lower daily Bollinger Band and the 50% Fibonacci Retracement of the previous sharp minor impulse 5 from the middle of January. USD/DKK is currently approaching the resistance level 6.700 (which was set as the buy target in our previous report for this pair).

If USD/DKK breaks the resistance level 6.700, the pair can then rise to the next buy target 6.800 (forecast price for the termination of the active minor impulse 3, lying at the intersection with the upper resistance trendline of the wide up channel from October).

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