FxWirePro: USD/DKK at over 4-month trough, outlook remains bearish
Wednesday, July 15, 2020 10:56 AM UTC
- The Danish Krone rallied to an over 4-month peak as the greenback declined on increasing coronavirus cases in the U.S.
- Three U.S. states reported new record daily deaths from COVID-19, leading many states temporarily halt the reopening of their economies to contain the outbreak
- Federal Reserve officials warned the U.S. economy faces a longer recovery from the pandemic, and economic pain could still worsen as cases surged across the country.
- USD/DKK is trading 0.4 down at 6.5078, having hit low of 6.5053 earlier, its lowest since March 9.
- Immediate resistance is located at 6.5760 (7-EMA), close above could take it till 6.5932 (10-DMA).
- On the downside, support is seen at 6.4994 / 6.4906 and any break below will take it till 6.4745.