USD/TRY 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
During the last two weeks the U.S. Dollar has been loosing ground versus major peers, including the Turkish Lira. The pair has even formed a channel down pattern, which is likely to be in place in the foreseeable future. The pair is currently fluctuating around pattern's resistance, however, the upside breakout is unlikely to happen, as indicators on hourly and daily charts are sending "sell" signals. At the same time, indicators on a 4H chart are neutral, suggesting a period of consolidation, hence the short and medium terms outlook is either bearish or neutral. Additionally, 65% of traders are holding short positions, expecting further depreciation.
© Dukascopy Bank SA
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