USD/TRY 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
In contrast to the USD/DKK cross, the USD/TRY pair is now estimated to just bounce off the lower boundary of the bullish pattern. The pair reached the lower edge of the pattern on June 25, but it is still hovering in the vicinity of a dense area of resistances around 2.69. Moreover, the 100-period SMA (2.7020) is reinforced by another resistance, namely the upper boundary of the June 8-25 channel down pattern. According to technical indicators, the pair will remain weak in the near-term, but a rebound is forecasted in the long run by the weekly studies. However, market sentiment is strongly bearish, with shorts having an advantage of 72% versus the bulls' 28%.
© Dukascopy Bank SA
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