FxWirePro: USD/DKK hits 1-month peak, outlook remains bullish
Friday, April 24, 2020 8:54 AM UTC
- The Danish Krone plunged to a 1-month low as the greenback rallied against the basket of currencies.
- On Thursday, the U.S. House of Representatives approved a $484 billion coronavirus relief bill, funding small businesses and hospitals and pushing the total spending response to the crisis to an unprecedented near $3 trillion.
- USD/DKK is trading 0.2 percent higher at 6.9354, having hit high of 6.9519 earlier, its highest since Mar. 24.
- The pair rallied to a 2-1/2 week peak in the prior session but found strong resistance around 6.9345.
- Technical indicators show bullish momentum, likely to test 7.000 in the near term.
- Immediate resistance is located at 6.9642, close above could take it till 6.9788.
- On the downside, support is seen at 6.9033, and any break below will take it till 6.8851.