USD/TRY 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Earlier this month USD/TRY found solid support around 1.63, which allowed the US Dollar to start a recovery. Considering that the pair has formed an upward channel, the price is likely to keep rising higher, and the target is the June maximum at 2.81. In the meantime, the immediate resistance is at 2.7537, and as soon as we get to 2.78 we should expect a downward correction. As for supports, the closest one is an upward-sloping trend-line at 2.73, followed by a combination of the weekly and monthly PP just beneath 2.72. Despite the arguments for however, the sentiment among the market participants is strongly bearish: 74% of open positions are short.
© Dukascopy Bank SA
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