FxWirePro: USD/DKK off 4-month peak on Denmark's upbeat inflation data, intraday bias bearish
The Danish Krone edged higher from a 4-month trough hit in the previous session following upbeat inflation figures. Denmark's annual inflation rate inched higher to 0.7 percent in January, while harmonised consumer price…
The Danish Krone edged higher from a 4-month trough hit in the previous session following upbeat inflation figures.
Denmark's annual inflation rate inched higher to 0.7 percent in January, while harmonised consumer prices increased to 102.60 Index Points in January from 102.40 Index Points in December.
USD/DKK is trading 0.05 percent down at 6.8237, having hit high of 6.8289 on Friday, its highest since Oct. 2.
Momentum indicators are bearish on hourly charts - RSI point south, MACD supports downside and Stochs are biased lower.
Immediate resistance is located at 6.8340, close above could take it till 6.8379.
On the downside, support is seen at 6.8146, and any break below will take it till 6.8083.
Recommendation: Good to sell on rallies around 6.8255, with stop loss of 6.8340 and target price of 6.8083.
