USD/TRY 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
It seems that the Dollar is losing steam against the Turkish Lira, as the currency pair faces a tough resistance represented by the weekly pivot point, daily R1 and 200-hour SMA at 2.88. In case the cross comes back under the daily pivot point along with the 55-hour SMA (2.86), the future outlook is going to worsen substantially. The pair will thereby put at risk the green trend-line, from which is bounced off just two working days ago. In support of the bearish scenario, daily technical indicators are strongly negative for the moment, while SWFX traders are holding short positions in seven out of ten cases. However, the latter fact may suggest that USD/TRY is becoming increasingly oversold.

© Dukascopy Bank SA
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