USD/TRY 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Even without the bullish pattern itself the near-term outlook on the currency pair is positive, being that hourly and four-hour technical indicators are largely giving ‘buy' signals, the daily ones are mixed at the moment. Moreover, USD/TRY has recently overcome and then confirmed the 200-hour SMA as the support, adding to the pair's upward potential.
A recovery from the moving average, however, is contained by two parallel trend-lines, the upper one of which may be currently found at 1.9612, while the bullish support line that is supposed to guide the price towards new highs is located at 1.9441.

© Dukascopy Bank SA
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