USD/TRY 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The US Dollar has been bullish relative to the Turkish Lira since mid-July, and for now this tendency is likely to continue. USD/TRY is expected to confirm support at 2.7771 and commence a recovery towards the June high, where the currency pair will also meet the upper edge of the pattern and the weekly R2 level. There the Greenback will be expected to start a downward correction. A close beneath 2.7771 on the other hand, will imply a slide back to the July 28 low at 2.7445, while a breach of the 200-hour SMA would expose Jul 21 low at 2.6821. Meanwhile, the sentiment among SWFX traders is distinctly bearish, as 71% of open positions are short.
© Dukascopy Bank SA
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Thu, 30 Jul 2015 14:05:35 GMT

EUR/SGD 1H Chart: Channel Down

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