- The Danish Krone eased, hovering towards a near 4-week low hit last week as the dust settled over better-than-expected inflation figures.
- Data released yesterday showed Denmark's annual inflation rate increased to 0.6 percent in October from 0.5 percent in the previous month, its highest inflation rate since June.
- USD/DKK is currently trading 0.1 percent up at 6.7774, having hit high of 6.7835 on Friday, its highest since October 15.
- Momentum indicators are bullish on hourly charts - RSI strong at 57.90, Stochs are biased higher and MACD supports upside.
- Immediate resistance is located at 6.7905 close above could take it till 6.8083.
- On the downside, support is seen at 6.7629 (5-DMA), and any break below will take it till 6.7538 (7-EMA).
Recommendation: Good to buy on dips around 6.7718, with stop loss of 6.7629, and target price of 6.7905