FxWirePro: USD/DKK near 1-week peak, outlook bullish
Thursday, April 16, 2020 9:26 AM UTC
- The Danish Krone plunged, hovering towards a near 1-week trough hit in the prior session.
- On Wednesday, the pair rose as high as 6.8743 but found strong resistance around 6.8745 (trendline 7.0236 and 6.9337) to close 0.6 percent up.
- Moroever, news that Denmark needs $37 billion between April and the end of July to help pay for the economic fallout of Covid-19 continued to weigh investor sentiment.
- USD/DKK is trading 0.3 percent up at 6.8690, having hit low of 6.7914 in the prior session, its lowest since Apr. 1.
- Immediate resistance is located at 6.8728, close above could take it till 6.88851.
- On the downside, support is seen at 6.8284 (21-EMA), and any break below will take it till 6.8152.