- The Danish Krone eased, extending losses for the fourth straight session, following downbeat business confidence data.
- Denmark's business confidence indicator increased to -5 in August from -7 in the previous month.
- USD/DKK is currently trading 0.05 percent up at 6.7327, having hit a low of 6.6790 earlier in the week, its lowest since August 14.
- On Monday, the pair fell to a 1-1/2 week low, however, it found major support at 55-EMA.
- The pair continues to trade between the 6.6790 and 6.7460 range.
- Technical indicators support uptrend, with RSI strong at 59.23 and Stochs biased higher.
- Immediate resistance is located at 6.7460 (August 23 High), close above could take it till 6.7519 / 6.7707 (August 1 High).
- On the downside, support is seen at 6.7093 (August 22 Low), and a break below will take it till 6.7030 (21-DMA).
- Minor trend reversal only below 6.6790.
Recommendation: Good to buy on dips around 6.7204, with stop loss of 6.7086 and target price of 6.7520.
