- The Danish Krone plunged to a 5-day low, hovering further away from a near 2-month peak hit earlier in the week following worse-than-expected consumer confidence data.
- Denmark's consumer confidence index declined to 1.7 in October from 4.3 in the previous month, its weakest reading since December 2016
- USD/DKK is currently trading up at 6.7151, having hit low of 6.6829 on Monday, its lowest since August 26.
- Momentum indicators are turning bullish - Stochs are biased higher.
- Immediate resistance is located at 6.7253 (38.2% retracement of 6.7969 and 6.6829), close above could take it till 6.7389 (50% retracement).
- On the downside, support is seen at 6.6914, and any break below will take it till 6.6790
Recommendation: Good to buy on dips around 6.7160, with stop loss of 6.7063 and target price of 6.7389.
