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USD/DKK has recently completed the Clear Down Channel chart pattern identified on the 4-hour charts. We rate the overall Quality of this chart pattern at the 6 bar level as a result of the below-average Initial Trend (4 bars), higher Uniformity (6 bars) and near maximum Clarity (9 bars).
The completion of this chart pattern continues the predominant uptrend visible on the daily and the weekly USD/DKK charts. More specifically, this Down Channel developed inside the longer-term weekly Up Channel from the September of last year. The bottom of this Down Channel (point F on the chart below) formed when the pair reversed up from the support trendline of the aforementioned weekly Up Channel (as is shown on the second chart below). The pair is expected to rise further toward the Forecast Price 5.6665.
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