The Danish Krone rose, halting a 6-day losing streak, as the greenback weakened against a basket of currencies. On Monday, the Danish currency fell to a 1-1/2 week low after data showed Denmark's industrial production de…
The Danish Krone rose, halting a 6-day losing streak, as the greenback weakened against a basket of currencies.
On Monday, the Danish currency fell to a 1-1/2 week low after data showed Denmark's industrial production declined 1.2 percent year-on-year in February, following an upwardly revised 5.4 percent fall in the previous month.
USD/DKK is trading 0.6 percent down at 6.8739, having hit high of 6.9337 on Monday, its highest since Mar. 25.
Earlier in the day, the pair as low as 6.8623 but found strong support at 7-EMA.
Momentum indicators are turning bearish on hourly charts.
Immediate resistance is located at 6.9262, close above could take it till 6.9440.
On the downside, support is seen at 6.8601 (7-EMA), and any break below will take it till 6.8511 / 6.8424 (38.2% Fib).
