- The Danish Krone edged higher, retreating from a record low hit earlier in the session following the release of downbeat business confidence figures.
- Denmark's manufacturing confidence indicator decreased to -7 in September from -5 in the previous month, and below the forecast of -6 due to a deterioration in new order levels expectations.
- USD/DKK is currently trading down at 6.8339, having hit an all-time high of 6.8476 earlier.
- Momentum indicators are bullish - RSI strong at 63.85 and MACD support upside.
- Stochs indicate a bearish crossover, a minor dip expected.
- Immediate resistance is located at 6.8540, close above could take it till 6.8760.
- On the downside, support is seen at 6.8228, and any break below will take it till 6.8026 (5-DMA) / 6.7920.
Recommendation: Good to sell on rallies around 6.8450, with stop loss of 6.8540 and target price of 6.8228.
