USD/TRY 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/TRY cross has been also showing a strong positive development. This pair has been gaining value since the last week of January when the 200-period SMA at 2.31 managed to provide pair's bulls will strong impetus. However, at the moment the US Dollar is undergoing a period of correction against the Turkish Lira, meaning that we should see some bearish development in the near-term. This particular idea is broadly shared by 74% of market participants. Despite that, both short and medium-term technical indicators are giving distinct bullish signals, therefore doubting the pair's ability to breach the closest support at 2.61 (monthly R2), which it has already failed to cross for two times.
© Dukascopy Bank SA
Back to articles

Actual Topics

Subscribe to "Fundamental Analysis" feed

Subscribe
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.