USD/TRY 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
There are good reasons to be long the US Dollar both in the near and long run. USD/TRY has formed a high-quality bullish channel, and at the moment it is trading next to the support line. The demand between 2.58 and 2.56, reinforced by the monthly R1 and Mar 18 low, should be more than enough to prevent a dip and start a solid recovery. Eventually, the rate is expected to surpass the Mar 6 high at 2.6479 and reach out to the upper boundary of the pattern. However, the SWFX market participants seriously doubt the ability of the Dollar to appreciate, as evidenced by a small percentage of open short positions, only 27%.
© Dukascopy Bank SA
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