USD/TRY 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The US Dollar continues to gain value versus the Turkish Lira. This situation has recently resulted in the emergence of a bullish channel on a 4H chart. In addition to that, the pace of pair's growth should strengthen in the near-term, as the Greenback has  bounced off the lower boundary of the pattern on Wednesday of the previous week. At the moment the area up to the 2.75-76 (weekly/monthly R1) is free from any technical levels. A consolidation above both of these lines should guarantee a safe advance towards pattern's resistance in the long-term. In the meantime, technical levels support the bullish case for USD/TRY, even though 66% of SWFX traders are holding short opened positions.
© Dukascopy Bank SA
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