USD/TRY 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The present situation in USD/TRY is reminiscent of the one currently being observed in USD/ZAR, where the currency pair is also forming an upward-sloping channel starting from Apr 10.
Considering that USD/TRY is currently trading near the lower rising trend-line, the U.S. Dollar is expected to appreciate versus the Turkish Lira in the short run. However, the technical indicators at the moment are mixed and do not support such a course of events. At the same time, the distribution between the bulls and bears is in favour of the latter (58%), meaning a significant part of the SWFX traders believe the greenback is going to cede ground.

© Dukascopy Bank SA
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