USD/TRY 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/TRY is currently trading at the upper boundary of the channel, implying we are likely to see a bearish correction before the bulls regain control of the pair. The price is expected to bounce off of 2.92 and fall until it meets the lower boundary of the pattern at 2.89. However, there are also plenty of arguments against the immediate sell-off. First, the technical indicators are mostly pointing upwards. In addition, we have a solid demand area at 2.9030, created by the 200-hour SMA with the help of the daily and weekly pivot points. At the same time, the SWFX market already appears to be overcrowded with bears, being that they make up three fourths of all traders.
© Dukascopy Bank SA
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