© Dukascopy Bank SA
During the last 300 trading hours USD/TRY has been in a low-slope up-trend after an accelerated rally from 1.8503 up to 1.9606. This channel up is an emerging pattern that still requires more confirmations of its boundaries, especially the upper one, for it to be fully formed. We may soon expect a test of the lower edge of the formation at 1.9243, the current location of the daily S1 level. According to the technical studies, most of which are bearish, and SWFX traders' sentiment (shows 75% of market participants are holding short positions) there is a low chance this support will be able to withstand selling pressure.
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