FxWirePro: USD/DKK hovers towards 4-week peak, jump till 6.7905 likely
The Danish Krone eased, hovering towards a near 4-week low hit last week as the dust settled over better-than-expected inflation figures. Data released yesterday showed Denmark's annual inflation rate increased to 0.6 pe…
The Danish Krone eased, hovering towards a near 4-week low hit last week as the dust settled over better-than-expected inflation figures.
Data released yesterday showed Denmark's annual inflation rate increased to 0.6 percent in October from 0.5 percent in the previous month, its highest inflation rate since June.
USD/DKK is currently trading 0.1 percent up at 6.7774, having hit high of 6.7835 on Friday, its highest since October 15.
Momentum indicators are bullish on hourly charts - RSI strong at 57.90, Stochs are biased higher and MACD supports upside.
Immediate resistance is located at 6.7905 close above could take it till 6.8083.
On the downside, support is seen at 6.7629 (5-DMA), and any break below will take it till 6.7538 (7-EMA).
Recommendation: Good to buy on dips around 6.7718, with stop loss of 6.7629, and target price of 6.7905
