USD/TRY 4H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Taking into account the latest fluctuations of USD/TRY, there is supposedly a bearish channel forming on the four-hour chart. The US Dollar might recover in the short run, but the rally is likely to be stopped near 2.66, where the monthly pivot point merges with the down-trend line and 200-period SMA. Then we will look for the exchange rate to target the lower boundary of the pattern at 2.54. However, it must be noted that the long-term outlook is bullish, being that for the time being the sell-off from 2.74 is considered to be a bearish correction of the rally that was started in the first half of the previous year. As for the SWFX sentiment, 72% of traders are short the Greenback.
© Dukascopy Bank SA
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