FxWirePro: USD/DKK rallies to 1-1/2 week peak, jump till 6.9188 likely
The Danish Krone slumped to a 1-1/2 week trough as the greenback extended gains against a basket of currencies. The dollar gained, bolstered by the prospect of reopenings in some American states and countries around the …
The Danish Krone slumped to a 1-1/2 week trough as the greenback extended gains against a basket of currencies.
The dollar gained, bolstered by the prospect of reopenings in some American states and countries around the world, as well as U.S. services data that was stronger than market expectations.
The U.S. Institute for Supply Management’s non-manufacturing index fell to 41.8 last month, from 52.5 in March, but the April level was higher than the consensus forecast of 36.8.
USD/DKK is trading 0.3 percent up at 6.9087, having hit high of 6.9146 earlier, its highest since Apr. 24.
Immediate resistance is located at 6.9226, close above could take it till 6.9345.
On the downside, support is seen at 6.8668 (10-EMA), and any break below will take it till 6.8533 (21-EMA).
Recommendation: Good to buy on dips around 6.8905, with stop loss of 6.8786 and target price of 6.9188.
