- The Danish Krone gained, hovering towards an over 1-week peak hit in the prior session.
- The dollar declined against a basket of currencies, nearing a two-week low, ahead of the outcome of a U.S. Federal Reserve meeting later in the day.
- Investors will watch for clues on future policy after Fed responded to the economic devastation of COVID-19 by slashing rates, buying bonds and backstopping credit markets.
- USD/DKK is trading 0.2 percent lower at 6.8615, having hit high of 6.9519 on Friday, its highest since Mar. 24.
- On Tuesday, the pair fell below major support 21-EMA hitting a 1-1/2 week low but retraced to close 0.1 percent up at 6.8907.
- Immediate resistance is located at 6.8998, close above could take it till 6.9138.
- On the downside, support is seen at 6.8522, and any break below will take it till 6.8464.
Recommendation: Good to sell on rallies around 6.8900, with stop loss of 6.8986 and target price of 6.8522.
