FxWirePro: USD/DKK hovers towards 1-1/2 week low, good to sell on rallies
The Danish Krone gained, hovering towards an over 1-week peak hit in the prior session. The dollar declined against a basket of currencies, nearing a two-week low, ahead of the outcome of a U.S. Federal Reserve meeting l…
The Danish Krone gained, hovering towards an over 1-week peak hit in the prior session.
The dollar declined against a basket of currencies, nearing a two-week low, ahead of the outcome of a U.S. Federal Reserve meeting later in the day.
Investors will watch for clues on future policy after Fed responded to the economic devastation of COVID-19 by slashing rates, buying bonds and backstopping credit markets.
USD/DKK is trading 0.2 percent lower at 6.8615, having hit high of 6.9519 on Friday, its highest since Mar. 24.
On Tuesday, the pair fell below major support 21-EMA hitting a 1-1/2 week low but retraced to close 0.1 percent up at 6.8907.
Immediate resistance is located at 6.8998, close above could take it till 6.9138.
On the downside, support is seen at 6.8522, and any break below will take it till 6.8464.
Recommendation: Good to sell on rallies around 6.8900, with stop loss of 6.8986 and target price of 6.8522.
