USD/TRY 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
A downward correction from the mid-March seems to have ended at 2.54, and the currency pair is now advancing towards the key level at 2.6450. By breaching this level USD/TRY will confirm its long-term bullish intentions. At the same time, immediate support is at 2.61, represented by the lower trend-line of the cannel. If violated, this will imply a sell-off through the weekly PP at 2.5949 and down to 2.5850. However, a deeper decline is unlikely, considering this demand area is created by the 200-hour SMA, daily S1, and some of the recent lows. Meanwhile, the SWFX traders' sentiment is distinctly bearish: three out of four open positions are currently short.
© Dukascopy Bank SA
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