USD/TRY 1D Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Although in some of the pairs the Dollar has been performing poorly lately, the prospects in USD/TRY are bright. The currency pair has just reached the major support trend-line, meaning within the next few weeks the price is likely to return to the Jun high at 2.81. The next target will be the upper boundary of the channel at 2.9356. However, at the same time we should not rule out a close beneath 2.68, since the SWFX sentiment is distinctly bearish (72% of positions are short). This will invalidate the bullish outlook, and in this case the focus will be on 2.56, where the monthly S2 coincides with the May low. Additional demand zone is at 2.4650, where the monthly S3 joins forces with the long-term moving average.
© Dukascopy Bank SA
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