USD/TRY 1H Chart: Channel Down

Source: Dukascopy Bank SA
USD/TRY is showing some decent bearishness in a channel down pattern which has just led to a step beneath the February low at 3.5704, after several tests of the area. While currently it appears that the pair has indeed plunged beneath the area and might set a solid dip into motion, upside risks cannot be eliminated and a break above the channel upper trend-line at 3.5769 would strongly confirm the strength of the aforementioned level. The cross is currently being held by the bottom Bollinger Band at 3.5603 and could slip to 3.5576 for a more prominent test.
© Dukascopy Bank SA
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