FxWirePro: USD/DKK extends gains, likely to break above 6.9440
Monday, April 6, 2020 8:58 AM UTC
- The Danish Krone declined, extending losses for the sixth straight session, on soft industrial production figures.
- Denmark's industrial production declined 1.2 percent year-on-year in February, following an upwardly revised 5.4 percent fall in the previous month, its fourth straight month of decline in output.
- On Friday, the pair rallied to a 1-1/2 week peak to close 3.2 percent higher for the week.
- USD/DKK is trading 0.2 percent up at 6.9254, having hit high of 6.6352 last week, its highest since Mar. 25.
- Momentum indicators are bullish, likely to break above 6.9440.
- Immediate resistance is located at 6.9385, close above could take it till 6.9642.
- On the downside, support is seen at 6.8861, and any break below will take it till 6.8763 (23.6% Fib).