USD/DKK may rise 165 - 246 pips

Our pivot point is at 6.8777.

Our preference

The upside prevails as long as 6.8777 is support.

Alternative scenario

The downside breakout of 6.8777 would call for 6.8641 and 6.8560.

Comment

The RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 6.8739 and 6.8732). Finally, the USD/DKK is trading above its upper Bollinger band (standing at 6.8882).

Supports and resistances

6.9319 **

6.9238 *

6.9157 **

6.9076

6.8911 last

6.8830

6.8777 **

6.8641 *

6.8560 **

Number of asterisks represents the strength of support and resistance levels.