USD/TRY 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The US Dollar may get a chance to recover against the Lira in the nearest future, even though the cross dipped below the pattern's lower edge on Thursday. On the side of the bears, 1H and 4H technical indicators are pointing downwards for the moment. On top of that, there are many important resistances ahead of the spot, especially in the 2.8884/2.8976 area. There the cross is going to meet daily/weekly pivot points and 55/200-hour SMAs, in case a recovery takes place. On the other hand, daily technical indicators are giving an aggregate buy signal for the Greenback. Moreover, USD/TRY is heavily oversold, as almost 72% of all positions are short, meaning the bulls have more space to enter the market.
© Dukascopy Bank SA
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