USD/DKK continues to rise after the recent completion of the high Quality Down Channel chat pattern identified by Autochartist on the daily charts. Autochartist rates the overall Quality of this chart pattern at the 9 bar level as a result of the maximum Initial Trend (rated at the 10 bar level) and strong Uniformity and Clarity (both rated at the 8 bar level). This chart pattern continues the predominant uptrend visible on the daily and the weekly USD/DKK charts. High Uniformity and Clarity reflect the well-formed chart pattern enclosing the clear-cut ABC correction to the preceding sharp upward price thrust. The price has recently broken up through the upper resistance trendline of this chart pattern (completing the aforementioned ABC correction) and is expected to rise further toward the Forecast Price 5.7513 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 5.6216 to 5.7120) stands above the projected value of the broken resistance trendline of the above Down Channel – which heightens the likelihood that this currency pair will continue to rise tomorrow.