USD/TRY 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
During the last four weeks USD/TRY has been trading in a pronounced up-trend, and the currency pair seems capable of extending the gains even further. In the very near future the US Dollar may well fall down to 2.42 in order to complete its downward correction; however, the overall outlook is nonetheless bullish. An assumption that the risks are skewed to the upside is also confirmed by the technical indicators, especially on the four-hour and daily charts, where five out of eight studies give ‘buy' signals. Once USD/TRY confirms the support trend-line, the exchange rate is expected to target the upper trend-line at 2.50.
© Dukascopy Bank SA
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