FxWirePro: Danish Krone gains as Denmark increases COVID-19 testing to prevent second wave
Tuesday, May 12, 2020 9:54 AM UTC
- The Danish Krone nudged up, retreating from a near 1-week low, as the greenback weakened from recent peaks.
- Denmark's currency was also supported by Prime Minister Mette Frederiksen's comments, citing the country will significantly increase testing for COVID-19 and put a contact tracing system in place to prevent a second wave of the coronavirus.
- USD/DKK is trading 0.1 percent down at 6.8932, having hit high of 6.9291 on Thursday, its highest since Apr. 24.
- 21-EMA.continues to act as minor support.
- Immediate resistance is located at 6.9206, close above could take it till 6.9345.
- On the downside, support is seen at 6.8665 (21-EMA), and any break below will take it till 6.8492.