USD/TRY 1H Chart: Ascending Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/TRY formed an ascending triangle pattern, the upper boundary of which lies at the highest mark since at least 2009 thus representing a formidable resistance for the pair.
At the moment, the currency pair is trading close to the apex in a narrow range, only 70-pips wide, hence we may witness the breakout before long. Given that ascending triangle is a bullish pattern as well as that 85% of traders hold long positions, the pair may venture to surpass the upper limit of the pattern that may give the currency couple an impulse to attain fresh highs.
© Dukascopy Bank SA
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