FxWirePro: USD/DKK rallies above 10-DMA, jump till 6.8853 likely
The Danish Krone declined, extending previous session losses as the greenback rallied against a basket of currencies. The dollar surged as traders worried about rising tensions between the United States and China, althou…
The Danish Krone declined, extending previous session losses as the greenback rallied against a basket of currencies.
The dollar surged as traders worried about rising tensions between the United States and China, although the easing of lockdown measures limited the upside.
USD/DKK is trading 0.4 percent up at 6.8687, having hit low of 6.7701 on Friday, its lowest since Apr. 1.
The pair broke above major resistance 10-DMA and now targets 6.9000 level.
Immediate resistance is located at 6.8853, close above could take it till 6.8986.
On the downside, support is seen at 6.8289 (55-EMA), and any break below will take it till 6.8131.
Recommendation: Good to buy on dips around 6.8405, with stop loss of 6.8289 and target price of 6.8853.
