- The Danish Krone eased following the release of downbeat industrial production figures.
- Denmark's industrial production declined at an annualized rate of 0.5 percent in June from an upwardly revised 10.9 percent jump in the previous month.
- On a seasonally adjusted monthly basis, industrial production tumbled 5.9 percent in June after rising 3.8 percent in May and below the forecast of 0.7 percent gain.
- USD/DKK is currently trading 0.1 percent up at 6.6713, having hit a low of 6.6346 the day before, its lowest since July 19.
- Technical indicators are bullish, with the RSI at 50.65 and Stochs showing a bullish crossover.
- Immediate resistance is located at 6.6918 (7-EMA), close above could take it till 6.7052 (5-DMA)
- On the downside, support is seen at 6.6429 (July 8 Low), and any break below 6.6346 (August 6 Low) could see a reversal in trend.
Recommendation: Good to buy on dips around 6.6560, with stop loss of 6.6429 and target price of 6.7052.
