FxWirePro: USD/DKK extends losses, faces strong resistance at 21-EMA
The Danish Krone rose, extending previous session gains, following upbeat economic data. The Danish economy grew by 4.9 percent on quarter in the three months to September, the most since the series began in 1991, after …
The Danish Krone rose, extending previous session gains, following upbeat economic data.
The Danish economy grew by 4.9 percent on quarter in the three months to September, the most since the series began in 1991, after a 6.8 percent contraction in the previous period, a flash estimate showed.
Moreover, weakness in the greenback against a basket of currencies further boosted the bid tone around the Danish currency.
The dollar declined after U.S. Federal Reserve Chair Jerome Powell said during a discussion with other central bankers that progress in developing a coronavirus vaccine was welcome news but that near-term economic risks remain as infections accelerate, underscoring the likely need for additional government stimulus.
USD/DKK is trading 0.1 percent lower at 6.3000, having hit high of 6.3385 on Wednesday, its highest since November 5.
Immediate resistance is located at 6.3236 (21-DMA), close above could take it till 6.3379 (55-EMA).
On the downside, support is seen at 6.2879 and any break below will take it till 6.2645.
