USD/TRY 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/TRY appears to have ended its downward correction at 2.44, as the pair is currently forming a bullish channel. If the momentum stays intact, the US Dollar should soon re-test key resistance represented by the mid-February high at 2.5150.
However, a short-term bias is to the downside, as the price is poised for a decline from the upper boundary of the pattern. The sell-off is expected to extend through the weekly pivot points down to 2.46, where the pair will meet support created by the support trend-line and 200-hour SMA. There the currency pair will be in a good position to start a recovery to 2.5150.
© Dukascopy Bank SA
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