Autochartist has recently identified the Clear Up Channel chart pattern on the daily USD/DKK chart. The overall Quality of this Up Channel is measured at the 6 bar level which reflects the following values of the individual contributing Quality indicators: low Initial Trend (rated at the 3 bar level), above-average Uniformity (6 bars) and near maximum Clarity (9 bars). Low Initial Trend corresponds to the sideways price movement which preceded this Up Channel and which developed as the price approached the support at 5.1000 (the bottom of this chart pattern, at point C, formed close to this level). The top of this chart pattern (point B on the chart below) formed when the pair reversed down from the combined support area lying at the intersection of the upper resistance trendline of this Up Channel and the strong level of resistance 5.9000. The pair is expected to decline further in the nearest time.
As can be seen from the PowerStats chart below, all of the daily Expected Price Range for USD/DKK for tomorrow (from 5.8135 to 5.7274) stands well below the top of this Up Channel – which increases the likelihood that this currency pair will fall further tomorrow.
The following weekly for USD/DKK chart shows the aforementioned technical price levels:
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Daily Forex Update: USD/DKK
Published 01/20/2012, 07:32 AM
Updated 03/09/2019, 08:30 AM
Daily Forex Update: USD/DKK
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