USD/TRY 1H Chart: Broadening Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
After a bearish correction in the middle of September USD/TRY started to form a broadening rising wedge pattern.
Currently, the pair is trading near the lower trend-line of the pattern around the 100-period SMA; daily S1 and weekly R1 at 2.2763/92. These levels, all together, make a strong and reliable support level, thus a bearish break-out seems not likely. However, the SWFX traders' think differently, as 53.47% of them are waiting for a decline. Therefore, if this previously mentioned cluster of supports holds, then the currency pair most likely will appreciate towards the 2.30 mark, while if these levels are breached then a sell-off towards 2.26 becomes the target.
© Dukascopy Bank SA
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