USD/DKK may fall 131 - 197 pips

6.8244 is our pivot point.

Our preference

The downside prevails as long as 6.8244 is resistance.

Alternative scenario

Above 6.8244, look for 6.8354 and 6.8419.

Comment

The RSI is trading below 30. This could mean that either the pair is in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). The MACD is below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 6.8303 and 6.8482). Finally, the USD/DKK has penetrated its lower Bollinger band (6.8088).

Supports and resistances

6.8419 **

6.8354 *

6.8244 **

6.8201

6.8004 last

6.7873

6.7807 **

6.7742 *

6.7677 **

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