USD/TRY 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The daily chart shows the US Dollar outperforming the Turkish Lira in an ascending channel pattern. The channel has been present since March, and the pair might find enough support in the 100-day and 200-day SMA cluster to sustain the bullish trend for now. Currently the rate has lost volatility and entered a narrower channel, and then another even tighter channel near to the bottom trend-line of the senior channel. We expect the pair to bounce from the junior bottom trend-line at 2.9593 to target 2.9749. A break above this level will open the way to the senior channel upper trend-line at 3.1669 with near-term resistances at 2.9797 and 2.9880. The pair could reach the top trend-line in mid-September. In case the currency breaks the trend below it, the senior bottom trend-line will be revisited at 2.9448. However, with 73% of traders expecting gains from an appreciating Lira, we have further evidence that an uptrend follows.
© Dukascopy Bank SA
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