USD/TRY 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
While during the first part of December the US Dollar tended to outperform the Turkish Lira, since the very beginning of 2015 the opposite was true, and USD/TRY managed to form a high-quality bearish channel. Accordingly, we expect the sell-off to persist, at least until the lower boundary of the channel is reached. The currency pair should push through the supports at 2.2740 and 2.2680 represented by the Jan 13 low and weekly S1, respectively, and eventually arrive at 2.2570, where an upward correction may well be initiated. Meanwhile, the sentiment is neutral, with 46% of open positions being long and 54% being short.
© Dukascopy Bank SA
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