Patterns: USD/DKK, EUR/DKK
|USD/DKK 4H Chart: Short-term increase expected
Since the end of September, the USD/DKK currency pair has been trading downwards within a descending channel.
From a theoretical point of view, it is likely that the exchange rate could target the upper channel line located circa 6.4000 in the short term. If the given channel holds, the rate could reverse south.
Meanwhile, note that the currency pair is pressured by the 55-, 100– and 200-period moving averages near 6.3230. Thus, a breakout south could occur, and the pair could target the 6.0000 mark.
EUR/DKK 4H Chart: Bulls could prevail in market
Since the beginning of October, the EUR/DKK exchange rate has been trading upwards within an ascending channel.
From a theoretical perspective, it is likely that the currency pair could continue to trade within the predetermined channel in the medium term.
Meanwhile, note that the pair could face the resistance level formed by the Fibo 50.00% at 7.4533. Thus, a breakout south could occur, and the rate could target the 7.4350 mark.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.