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FxWirePro: USD/DKK hovers towards 4-week peak, jump till 6.7905 likely 

  • 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 

By Lactus Fernandes
  • Market Data
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