- The Danish Krone declined to a 1-week trough as investors continued to digest soft consumer confidence figures.
- Data released yesterday showed Denmark's consumer confidence index eased to 1.4 in November from 1.7 in the previous month, its weakest reading since December 2016.
- USD/DKK is currently trading up at 6.7601, having hit low of 6.7344 on Thursday, its lowest since November 5.
- Momentum indicators are bullish on hourly charts - RSI strong at 63.10, MACD supports upside and Stochs are biased higher.
- Immediate resistance is located at 6.7673 (10-DMA) close above could take it till 6.7718.
- On the downside, support is seen at 6.7524 (5-DMA), and any break below will take it till 6.7458 (21-DMA).
Recommendation: Good to buy on dips around 6.7570, with stop loss of 6.7490 and target price of 6.7718.