USD/TRY 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The overall outlook on USD/TRY is strongly bearish. The currency pair confirmed the downside breakout of the 16-month up-trend in the daily chart after an upward retracement from 2.89. Accordingly, we are likely to see USD/TRY preserve the bearish momentum until the price reaches the February low. However, there are notable supports in the way, such as the weekly S1 at 2.9264 and the Feb 10 low at 2.9180. The upside potential should be limited by the down-trend at 2.94, but the bias will stay negative as long as the pair is trading beneath the weekly pivot point and the 200-hour SMA. In the meantime, the SWFX sentiment is distinctly bearish, being that 74% of open positions are short.
© Dukascopy Bank SA
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