USD/DKK Recently Completed Down Channel Chart Pattern
AutoChartist | Jun 13, 2012 08:49AM ET
USD/DKK has recently completed the Down Channel chart pattern identified on the 4-hour charts. The overall Quality of this chart pattern is measured at the 7 bar level as a result of the maximum Initial Trend (rated at the 10 bar level), above-average Uniformity (6 bars) and lower Clarity (4 bars). The completion of this chart pattern continues the predominant uptrend that can be seen on the daily and the weekly USD/DKK charts.
The bottom of this Down Channel (point E on the chart below) formed when the pair reversed up from the powerful support zone made out of the 38,2% Fibonacci Retracement of the preceding sharp daily upward price impulse from the start of last month and the major support level 5.8800 (previous strong resistance which reversed the USD/DKK down sharply at the start of 2012, acting as support now after having broken recently). The pair is likely to rise to the Forecast Price 5.9986 in the nearest time.
The following daily USD/DKK chart shows the long-term picture of this currency pair’s movement:
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