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FxWirePro: USD/DKK extends gains, likely to break above 6.9440

  • 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).
  • Market Data
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