USD/TRY 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Without reaching the upper boundary of the bearish channel, the USD/TRY currency pair began losing value again. It seems that a strong resistance was provided by the daily pivot point at 2.3069, where the pair resumed its trend to the south. Taking into account the bearish aggregate outlook for the pair, we do not think it will be able to hit the upper trend-line in the near term, even though hourly technical indicators are giving signals to buy the cross. Medium-term ones, however, are negative; therefore, the US dollar will most likely continue falling against the Turkish Lira. Moreover, SWFX market participants are bearish at the moment, as more than 55% of all opened positions are staying short.
© Dukascopy Bank SA
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