USD/TRY 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
During the latest fundamental turmoil in Turkey the Turkish Lira has lost value against the US Dollar in a large scale channel pattern, which can be seen on the USD/TRY exchange rate. Most recently a medium scale pattern lead the rate down to the lower trend line of the large scale pattern. As a result of a rebound an ascending channel formed, which broke through the medium scale channel. It is clear that the currency exchange rate is set to continue the surge in the future. However, the active ascending channel is most likely to become obsolete, as a new medium term pattern is set to form. The channel up pattern is most likely just the representation of the first move in the borders of a medium pattern.
© Dukascopy Bank SA
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