USD/TRY 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Judging by the trend-lines, US Dollar is expected to fall 3% more against the Turkish Lira before returning to growth. The currency pair is currently trading between two well-defined parallel trend-lines, and a potential reversal point is only at 2.91, represented by the two-year up-trend. Nevertheless, the outlook is mixed because of the other studies. For one, an overwhelming majority of technical indicators is giving 'buy' signals. Moreover, the Greenback is heavily oversold: three fourths of open positions are short, leaving little space for new sellers to enter the market. Accordingly, we should allow for a breach of the channel, which is likely to lead to a spike to a major confluence of resistances at 3.02.
© Dukascopy Bank SA
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