USD/TRY 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The bullish channel with distinctive high quality and magnitude levels has been created by Dollar/Turkish Lira currency cross. However, keeping in mind the overall positive trend, the pair has been trading sideways for past couple of hours. We expect such a move to continue, as market sentiment is rather mixed at the moment (only 52% of all positions are long and 48% are short). Moreover, pair's technical indicators are mixed on different time frames, with short-term ones pointing to the downside, while medium-term are positive. However, if the pair manages to cross the 50-hour SMA at 2.2233, we can wait for a move at least down to the next support at 2.2171/70 (100-hour SMA; daily S1).
© Dukascopy Bank SA
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