USD/TRY 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The US Dollar is in a descending channel pattern against the Turkish Lira, as the currency exchange rate recently rebounded against the pattern's lower trend line at 2.9532 on August 10. As the pair surged on August 12, the rate encountered the 200-period SMA, which hindered the Greenback's appreciation against the Lira. On the way to the pattern's upper trend line at 3.0030, the currency rate will encounter various resistance levels, which will most likely slow down the surge. A northward movement by the pair is supported by the SWFX trader sentiment, as 75% of open positions were short on Friday, which indicates at the USD/TRY pair being oversold. However, the rise of the rate will not happen during today, as daily technical indicators forecast that there will be no changes in the rate during Friday.
© Dukascopy Bank SA
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