FxWirePro: USD/DKK hovers towards 2-year low, dip till 6.2830 likely
Wednesday, August 5, 2020 8:56 AM UTC
- The Danish Krone surged, extending previous session gains as the greenback eased across the board.
- The dollar index tumbled as the latest coronavirus relief package stalled in Congress.
- However, the upside in theDanish currency appears limited following the release of soft economic data.
- Denmark's foreign exchange reserves decreased to 455600 DKK million in July from 455800 DKK million in June.
- USD/DKK is trading 0.3 percent down at 6.2953, having hit low of 6.2509 on Thursday, its lowest since May 2018.
- The pair faces major resistance at 10-DMA.
- Immediate resistance is located at 6.3359 (7-EMA), close above could take it till 6.3479 (10-DMA).
- On the downside, support is seen at 6.2830 and any break below will take it till 6.2510.