The US Dollar has appreciated substantially against the Danish Krone during the past two months. This 8.35% surge was guided in an ascending channel. Following a reversal from the senior channel at 6.46 last week, the Greenback breached the junior pattern and several important support levels along the way, including the 100-period (4H) and 200-hour SMAs.
The high positioning of technical signals on the 4-hour and 1-day charts points to further decline within the following week. The nearest downside target should be the 200-day SMA, the monthly S1 and the 23.60% Fibonacci retracement near 6.22.
Meanwhile, the following 24 hours could show a slight price movement north, setting the monthly PP as the most probable target for bulls.
The high positioning of technical signals on the 4-hour and 1-day charts points to further decline within the following week. The nearest downside target should be the 200-day SMA, the monthly S1 and the 23.60% Fibonacci retracement near 6.22.
Meanwhile, the following 24 hours could show a slight price movement north, setting the monthly PP as the most probable target for bulls.