USD/DKK has been trading in an ascending channel for the last five weeks, thus breaching a dominant senior channel along the way in early May. The latest test of this junior pattern occurred on Monday when the pair reversed from the weekly S1 and the senior channel near 6.21.
From theoretical point of view, the pair might still realise the existing upside potential until the upper boundary of this medium-term channel and the weekly R3 at 6.3670. Even though technical indicators are currently located in the overbought territory, technical signals for the following session are still bullish.
If looking from the weekly perspective, the US Dollar is expected to reverse from the 6.36 area and begin edging lower until the bottom channel line somewhere in the 6.28/30 range.
From theoretical point of view, the pair might still realise the existing upside potential until the upper boundary of this medium-term channel and the weekly R3 at 6.3670. Even though technical indicators are currently located in the overbought territory, technical signals for the following session are still bullish.
If looking from the weekly perspective, the US Dollar is expected to reverse from the 6.36 area and begin edging lower until the bottom channel line somewhere in the 6.28/30 range.
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