USD/DKK is moving down inside the daily Down Channel chart pattern identified by Autochartist. The Quality of this chart pattern is rated at the 4 bar level, as a result of the following values of the quality indicators: low Initial Trend (measured at the 1 bar level), average Uniformity (5 bars) and above average Clarity of this chart pattern (6 bars). The low Initial Trend value corresponds to the sideways price movement that preceded this chart pattern which developed as the price made two unsuccessful attempts to break through the 50% Fibonacci Retracement of the preceding medium term down impulse (from 07.06.2010 to 04.11.2010), continued by this chart pattern. The second unsuccessful attempt to break this resistance level formed the first connecting point for the upper resistance line of this Down Channel. The price has just reversed down from the 38,2% Fibonacci Retracement of the preceding down impulse (spanning nearly all the length of this chart pattern) - forming the second connecting point for the upper resistance line of this chart pattern. The pair is expected to fall further in the coming sessions.
As you can see from the PowerStats chart below, most of the daily Expected Price Range for USD/DKK for tomorrow lays below the upper projected trend line of this Down Channel. This increases the chances that the down trend will continue tomorrow.
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