USD/TRY 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The chart for the US Dollar against the Turkish Lira shows a complicated situation, as the medium term ascending channel pattern, which previously dictated the rates movement, has been broken by this year's July high level of 3.0986. The currency exchange rate struggled many times to pass the resistance, but after a week of short range trading, the pair moved lower. Afterwards, it was stopped by the support provided by the January high, which revealed the borders of a new descending channel pattern, which give a look into how the rate is likely to retreat to the larger scale ascending channel's support line. However, in the same time a short term ascending channel can be seen, which might mean that the rate is headed in the previously set direction.
© Dukascopy Bank SA
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