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- The Danish Krone declined, retreating from a 1-month peak hit in the previous session as the greenback rebounded from recent lows against a basket of currencies.
- The dollar rallied across the board after U.S. President Donald Trump threatened to impose tariffs on China as he considers ways to retaliate for the spread of the coronavirus out of Wuhan, China.
- On Friday, the pair slumped as low as 6.7701 but found strong support at 200-DMA.
- USD/DKK is trading 0.3 percent up at 6.8201, having hit low of 6.7701 last week, its lowest since Apr. 1.
- Major resistance at 6.8511 (21-EMA).
- Immediate resistance is located at 6.8389, close above could take it till 6.8453 (7-EMA).
- On the downside, support is seen at 6.7814, and any break below will take it till 6.7682 (200-DMA).
Recommendation: Good to buy on dips around 6.8007, with stop loss of 6.7940 and target price of 6.8389.
