Daily Forex Update: USD/DKK
AutoChartist | Mar 02, 2012 06:45AM ET
Autochartist has recently identified the high Quality Down Channel chart pattern on the daily USD/DKK charts. The overall Quality of this chart pattern is measured at the 8 bar level as a result of the maximum Initial Trend (rated at the 10 bar level), significant Uniformity (7 bars) and higher Clarity (8 bars). This chart pattern continues the predominant uptrend that can be seen on the daily and the weekly USD/DKK charts. High Initial Trend of this Down Channel reflects the sharpness of the preceding upward price impulse. The bottom of this chart pattern (point D on the chart below) formed when the pair reversed up from the combined support area made out of horizontal support level 5.5000 and the cluster of the Fibonacci Retracements – the 38,2% Fibonacci Retracement of the preceding daily upward price impulse from the May of 2011 as well as the 50% Fibonacci Correction of the latest upward price move from the October of 2011 (as is shown on the second chart below). The pair is expected to rise further in the direction of the upper resistance trendline of this Down Channel.
The following daily USD/DKK chart shows the aforementioned technical price levels:
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