- The Danish Krone plunged to a more than 2-year low following the release of downbeat manufacturing PMI.
- Denmark's DILF Manufacturing PMI decreased to 48.7 in August from 49.5 in the previous month and below the forecast of 50.2.
- USD/DKK is currently trading 0.3 percent up at 6.8024, having hit a high of 6.8042 earlier, its highest since May 2017.
- On Friday, the pair breach major resistance at 6.7707 and have extended gains from there on..
- Technical indicators support uptrend, with RSI strong at 70.39 and Stochs biased higher.
- Immediate resistance is located at 6.8107, close above could take it till 6.8500 level.
- On the downside, support is seen at 6.7700, and a break below will take it till 6.7402 (7-EMA).
Recommendation: Good to buy on dips around 6.7800, with stop loss of 6.7700 and target price of 6.8207.
