FxWirePro: USD/DKK hovers towards 4-week peak, intraday bias bullish
The Danish Krone declined, drifting closer to a near 4-week trough hit in the previous session as the greenback surged against a basket of currencies. The dollar gained strengthened after the U.S. Senate passed legislati…
The Danish Krone declined, drifting closer to a near 4-week trough hit in the previous session as the greenback surged against a basket of currencies.
The dollar gained strengthened after the U.S. Senate passed legislation providing more than $100 billion to confront the growing coronavirus outbreak, while the U.S. Federal Reserve promised a liquidity facility for money market mutual funds.
USD/DKK is trading 0.3 percent up at 6.8676, having hit high of 6.9191 on Thursday, its highest since Feb. 21.
Momentum indicators are bullish - RSI strong at 60, MACD supports upside and Stochs are at overbought levels
Immediate resistance is located at 6.9247 / 6.9437, close above could take it till 6.9616.
On the downside, support is seen at 6.7950, and any break below will take it till 6.7704.
Recommendation: Good to buy on dips around 6.8470, with stop loss of 6.8394 and target price of 6.9247.
