FxWirePro: USD/DKK extends losses below 6.4000, finds support at 10-DMA
The Danish Krone rose, hovering away from a 2-month low hit last week following the release of better-than-expected manufacturing confidence data. Denmark's manufacturing confidence indicator declined to -11 in September…
The Danish Krone rose, hovering away from a 2-month low hit last week following the release of better-than-expected manufacturing confidence data.
Denmark's manufacturing confidence indicator declined to -11 in September , the weakest since June, from -10 in the previous month, but better-than-expectations of -12.
Meanwhile, both production expectations and stocks of finished goods also strengthened.
Moreover, weakness in the greenback across the board further supported the bid tone around the Danish currency.
The greenback against a basket of currencies traded 0.1 percent down at 94.18, having touched a low of 94.07 earlier, its lowest since September 23.
USD/DKK is trading 0.2 percent lower at 6.3709, having hit high of 6.4127 on Friday, its highest since July 24.
On Monday, the pair rose to a high of 6.4102 but failed to sustain gains above the 6.4000 handle to close nearly 0.3 percent lower at 6.3831.
Immediate resistance is located at 6.4095, close above could take it till 6.4180.
On the downside, support is seen at 6.3454, and any break below will take it till 6.3278 (21-EMA).
