USD/TRY 4H Chart: Rising Wedge

Starting from mid-December the U.S. Dollar has been outperforming the Turkish Lira and at the same time respecting the up-trend line that currently creates support in the region around 2.1786.

Given that USD/TRY has formed a rising wedge and the apex of the figure is already nearby, there is a significant chance that this demand area will soon be breached, potentially leading to a dip down to 2.0842. These concerns are also shared by the SWFX market participants, 75% of whom are currently short on the greenback. Nevertheless, there are more bullish four-hour technical indicators (4 out of 8) than bearish (2 out of 8).