USD/TRY 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/TRY has recently resumed its recovery from 2.27 by forming a bullish channel on an hourly chart. Accordingly, once the currency pair touches the lower boundary of the pattern at 2.4323 as a result of a downward correction, the US Dollar will be expected to start a rally that will surpass the Jan 30 high and lead to a test the upper trend-line at 2.4589. Additional signal is that the technical indicators on the hourly and four-hour charts favour such a scenario. Conversely, should the support line at 2.4323 fail to trigger sufficient buying to turn the pair around, the bearish correction will likely extend down to 2.4055, namely the Jan 30 low.
© Dukascopy Bank SA
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