FxWirePro: USD/DKK off 1-month peak, finds support at 7-EMA
Tuesday, November 3, 2020 9:32 AM UTC
- The Danish Krone rose, retreating from a 1-month low recorded in the prior session as the greenback eased against a basket of currencies.
- The dollar index plunged and is still down about 9 percent from its March highs and on track for its worst year since 2017, weighed down by expectations that U.S. rates will remain near historic lows for years to come.
- Investors now await the outcome of Tuesday’s U.S. presidential election.
- USD/DKK is trading 0.4 percent lower at 6.3691, having hit high of 6.4066 on Monday, its highest since September 28.
- Immediate resistance is located at 6.4102, close above could take it till 6.4275.
- On the downside, support is seen at 6.3572 (7-EMA) and any break below will take it till 6.3463 (55-EMA).