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FxWirePro: USD/DKK rebounds from near 3-week low, faces resistance at 21-EMA

  • The Danish Krone eased after risng to a near 3-week peak in the prior session despite upbeat economic data. 
     
  • Denmark's annual inflation rate inched up 0.6 percent in September from 0.5 percent in the previous month, still the most since February. Meanwhile, Harmonised Consumer Prices decreased to 102.90 points in September from 103.10 points in August of 2020.
     
  • The weakness in the Danish Krone comes in as the dollar steadied against a basket of currencies after tumbling to near 3-week lows earlier in the session. 
     
  • The dollar index held firm after a new $1.8 trillion economic stimulus proposal from the Trump administration drew criticism from congressional Democrats and Republicans, diminishing hopes for a coronavirus relief deal before the November 3 election. 
     
  • USD/DKK is trading 0.3 percent higher at 6.3072, having hit low of 6.2897 on Friday, its lowest since September 21.
     
  • Immediate resistance is located at 6.3280 (21-EMA), close above could take it till 6.3367 (10-DMA). 
     
  • On the downside, support is seen at 6.2770 and any break below will take it till 6.2675. 
  • Market Data
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