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Currency Analyst since 2010

USD/DKK: trade recommendation

Dima Chernovolov

• USD/DKK broke multiple resistance levels

• Next buy target - 7.100

USD/DKK has been rising sharply in the last few trading sessions – after the pair broke above the resistance level 6.800, which was set as the buy target in our earlier forecast for this currency pair. The breakout of this resistance level accelerated the active impulse wave 3 (which belongs to the 5th intermediate impulse (5) from the start of February) – helping the pair break through the next resistance levels - 6.900 and 7.000. USD/DKK recently approached the resistance zone lying between the resistance level 7.100 and the upper resistance trendline of the daily up channel from December- from where the pair corrected down.

USD/DKK is likely to rise to the next buy target 7.100 in the coming trading sessions. Buy stop-loss can be placed below the support level 7.000.

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