FxWirePro: USD/DKK at 1-week peak, likely to continue bullish momentum
Friday, April 3, 2020 9:59 AM UTC
- The Danish Krone plunged to an over 1-week low as the greenback surged against a basket of currencies.
- The greenback index is on course for a near 2.6 percent gain over the week as the U.S. Federal Reserve flooded the market with liquidity.
- On Thursday, the pair broke above major resistance 10-DMA, to close 1.01 percent up at 6.8772.
- USD/DKK is trading 0.5 percent up at 6.9104, having hit low of 6.6950 last week, its lowest since Mar. 17.
- Momentum indicators are bullish, likely to break above 6.9250.
- Immediate resistance is located at 6.9440, close above could take it till 6.9642.
- On the downside, support is seen at 6.8642, and any break below will take it till 6.8386 (38.% Fib).