USD/DKK may rise 204 - 303 pips

Our pivot point is at 6.7763.

Our preference

Look for a drop towards 6.7763 before a bounce.

Alternative scenario

The downside breakout of 6.7763 would call for 6.7597 and 6.7499.

Comment

The RSI is above its neutrality area at 50. The MACD is below its signal line and negative. The penetration of 50 on the RSI should trigger further losses. Moreover, the pair is trading under its 20 period moving average (6.7948) but above its 50 period moving average (6.7928).

Supports and resistances

6.8440 **

6.8341 *

6.8243 **

6.8144

6.7940 last

6.7828

6.7763 **

6.7597 *

6.7499 **

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