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The Dollar is capable of rallying up to the northern boundary of the pattern over the next three weeks, as it will be met near 2.92 along with the monthly R1. However, in the short-term the bulls must deal with the monthly pivot and 200-period SMA that are shaping the nearest resistance zone at 2.8684. Failure here would mean the bullish market participants remain weak in order to offer any recovery options in the foreseeable future. Daily and weekly technical indicators do not believe USD/TRY will grow either. On the other hand, for the moment three fourths of SWFX traders are short on the Greenback and this is going to support the world's main reserve currency on its way up.
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