USD/TRY 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/TRY has been bullish since the beginning of December, but soon there is going to be a serious test of the current upward momentum. In order to confirm its intentions to move higher, the currency pair will have to breach a solid resistance area at 2.9370/40, created by the weekly R1 and November high. Soon thereafter the US Dollar will be expected to begin a bearish correction from the upper trend-line of the channel, but in the longer term there will be a high chance of the rate probing the October 13 high at 2.9660. In the meantime, a close beneath 2.92 will imply a sell-of down to 2.90, where the weekly PP merges with the December 9 low and 200-hour SMA.
© Dukascopy Bank SA
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