USD/TRY 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The USD/TRY cross has good chances to commence a reliable rebound in the next few days, by sending the exchange rate in the direction of the red trend-line at 3.0834. Bullish expectations are strongly backed by hourly and daily technical indicators, with the former giving "buy" signals in five out of eight cases. Moreover, the upward risk is underpinned by the distribution between long (30%) and short (70%) positions in the SWFX market. In case more purchases occur, the first supply to meet will be placed at 3.0615/29 (daily R3 and weekly R2), followed by the pattern's upper edge. In the meantime, any possible loss will be estimated to get some support from 200-hour SMA at 3.0178.
© Dukascopy Bank SA
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