USD/TRY 1H Chart: Channel Down

Somewhat similar to the situation in USD/ZAR is observed in USD/TRY, where the currency pair has just fallen below the long-term moving average (for 200 hours), suggesting that the risks are now skewed to the downside. This means the price is more likely to focus on the nearest supports, namely 1.9083 and 1.9031. While the former level is an intermediary one and may be broken rather easily, the latter should trigger a short-squeeze in order for the pattern to remain intact. From above the pair is contained by the daily PP at 1.9166, down-trend resistance at 1.9254 and, more importantly, by the 200-hour SMA at 1.9411.