USD/TRY 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A spike on Thursday, caused by the ECB, failed to heat up any additional demand for the US currency. USD/TRY was required to consolidate above the 200-hour SMA, in order to affirm bullish expectations within the channel up pattern. Bears, however, quickly pushed the currency pair back to the south. Now it is developing along the pattern's lower edge for a third consecutive day. Nevertheless, technical indicators are bullish on 1H and daily time frames, while US Dollar is oversold in the SWFX market, as 72% of all positions are short. A rally beyond the weekly PP at 2.9023 should encourage extra purchases of USD/TRY. The next supply is weekly R1 at 2.9337, followed by Nov 30 high at 2.9369.
© Dukascopy Bank SA
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