USD/TRY 4H Chart: Channel Up

USD/TRY pair's bullish tendency was temporarily stopped by 2.40 level in the middle of December. Following that, the pair decreased slightly and bottomed out around 2.27 in the mid-January. This mark is considered to be the starting point for current bullish channel as the pair resumed its bullish development.

While in the long-term the US Dollar is likely to keep appreciating, during next couple of days the Greenback is considered to under-perform the Turkish Lira. As the pair has recently bounced back from the upper trend-line, it is likely to trade towards 2.53 (pattern's support) which is estimated to be reached by Monday. Meanwhile, 74% of SWFX traders are short on the Buck at the moment.