USD/TRY 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
At the moment, USD/TRY is making its way towards the 2.93-2.94 supply zone. There the currency pair is expected to turn around and start a new wave lower, being that this will complete the bullish correction within the emerging descending channel. The immediate support is at 2.90, represented by the weekly S2 level, but the in the long run there is a good chance of a slide down to 2.76, namely the November 2015 low. At the same time, if the price closes above 2.94, the rally will probably extend up to 2.9650, where the 200-hour SMA merges with the daily R3 level. A little higher, at 2.99-2.98, the weekly pivot point coincides with the recently broken lower boundary of the bullish channel.
© Dukascopy Bank SA
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