FxWirePro: USD/DKK retreats from near 2 year low, finds support at 6.4000
Friday, July 24, 2020 10:57 AM UTC
- The Danish Krone eased from a near 2 year peak hit in the prior session as the greenback rebounded from recent lows.
- The dollar index bounced back from an over 4-month low as traders watched flash Purchasing Managers’ Index (PMI) readings for July across major developed economies.
- Markets also focus on the next U.S. fiscal rescue package, which is deadlocked in Congress with some unemployment benefits due to expire at the end of the month.
- The downside in the Danish currency appears limited as Denmark's consumer confidence index increased to -2.9 in July from -3.1 in June, its strongest reading since March.
- USD/DKK is trading 0.1 up at 6.4271, having hit low of 6.4011 the day before, its lowest since September 2018.
- Immediate resistance is located at 6.4645 (5-DMA), close above could take it till 6.4755 (7-DMA).
- On the downside, support is seen at 6.4010 and any break below will take it till 6.3911.