The previous forecast worked, and the USD/DKK currency pair has reached the upper boundary of a long-term ascending channel located circa 6.6000.
As apparent on the chart, the exchange rate reversed south from the upper channel line at the beginning of November. From a theoretical point of view, it is expected that the pair goes downwards. A potential target is the Fibonacci 23.60% retracement at 6.4443.
However, technical indicators for the long run suggest that bullish momentum should continue to prevail. In this case, it is likely that the pair re-tests the upper channel line in the nearest future. If given channel does not hold, a breakout north occurs within the following sessions.
As apparent on the chart, the exchange rate reversed south from the upper channel line at the beginning of November. From a theoretical point of view, it is expected that the pair goes downwards. A potential target is the Fibonacci 23.60% retracement at 6.4443.
However, technical indicators for the long run suggest that bullish momentum should continue to prevail. In this case, it is likely that the pair re-tests the upper channel line in the nearest future. If given channel does not hold, a breakout north occurs within the following sessions.