USD/TRY 1D Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
There are still only few confirmations, but USD/TRY is trading within a descending channel after the currency pair peaked out near 3.08 last year. The US Dollar has recently bounced off of the upper bound of the pattern, and we therefore expect the currency to depreciate throughout June and July. The rate should then meet the support trend-line at 2.79, where we may expect the pair to start a bullish correction. As for the longer-term scenario, USD/TRY has been bullish since 2008, and there is a trend-line that connects 2013 and 2014 lows that is highly unlikely to let the price drop below the July 2015 low. In the meantime, the SWFX sentiment is strongly bearish: 74% of positions are short.
© Dukascopy Bank SA
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