USD/TRY 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A sharp retreat that followed a rally to a multiple-year high of 2.3915 performed by USD/TRY in the beginning of 2014 pushed the instrument into a bearish channel that now is 210-bar long.
Since late April, USD/TRY has not touched the tunnel's limits; the pair has been simply balancing between small gains and losses. At the moment, there are no indications that the pair's volatility may elevate soon, meaning that the current trend may persist. At the same time, technical data is neutral for short and medium terms and is sending ‘sell' signal for the long-term.
© Dukascopy Bank SA
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