USD/TRY 1D Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/TRY has recently touched a strong resistance level, and there is likely to be a further sell-off over the next couple of weeks, despite the daily indicators pointing upwards. Nonetheless, the overall outlook remain bullish, and the downside should be limited by the potential lower boundary of the bullish channel at 2.65 reinforced by the monthly PP. There the currency pair is expected to turn around and start targeting 2.90. However, if 2.65 fails to withstand the selling pressure, the focus will shift to 2.57, where the monthly S1 merges with the May low. Meanwhile, the SWFX sentiment is distinctly bearish, being that at the moment merely 28% of people are holding long positions.
© Dukascopy Bank SA
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