USD/TRY 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/TRY is currently eroding the up-trend that has been guiding the pair north since the end of November. If the price settles beneath 2.34, which seems to be the case, the outlook for the US Dollar will be changed to bearish. The additional support is provided by the monthly PP at 2.3222, but the sell-off is likely to extend deeper, to the Dec 17 low. Should the demand here also prove to be insufficient, there will be a significant chance of USD/TRY re-visiting October and November lows around 2.20, though the 200-period SMA at 2.2868 and the monthly S1 at 2.2295 will have to be violated first. Meanwhile, the SWFX sentiment is moderately bearish—57% of open positions are short.
© Dukascopy Bank SA
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