USD/TRY 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
A one-month long decline came to an end in mid-April when the U.S. Dollar commenced its appreciation against the Turkish Lira. The longest part of the advancement has been developing within the boundaries of the 162-bar long bullish corridor.
At the moment, the currency couple is vacillating slightly below the 200-hour SMA at 2.1364 and may re-approach this formidable resistance before long given that over two thirds of traders are bullish on the pair. At the same time, technical numbers are not in favour of the bullish scenario, sending ‘sell' signals for short and medium terms.
© Dukascopy Bank SA
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