USD/TRY 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The pattern itself might not be well-defined, but the support trend-line appears to be reliable, and right now this is the main reason to be bullish USD/TRY. Additional signals are provided by the technicals. The pair is expected to reach 3.09, namely the upper boundary pattern before it dips beneath 3.03, a breach of which will invalidate the bullish outlook. Still, we should also take into account solid resistance at 3.0774, represented by the September high.
If demand between 3.03 and 3.02 is not enough to trigger a rally, the sell-off will be expected to extend to one of the prominent September lows at 2.9757. Meanwhile, 63% of the SWFX traders are short the Dollar against the Turkish Lira.
© Dukascopy Bank SA
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