Dukascopy

USD/TRY 1H Chart: Greenback between two patterns

FX:USDTRY   U.S. Dollar / Turkish Lira
Following a massive upward leap of the USD/TRY exchange rate late in October 8, the rate has retreated slightly, thus standing near the 3.67 mark early on Friday. This downward-sloping movement has formed a falling wedge in the bounds of which the US Dollar is trading in a short-term channel up.

The rate has diminished its trading range and is currently located between the boundaries of these patterns. The wedge should be breached to the upside; however, the Greenback might still test its lower boundary once more prior to surging north.

This scenario might occur, as the rate faces a strong resistance of the 100-, 200– and 55-hour SMAs right on the upper wedge boundary.

In case this level is breached, the channel should be respected, thus moving the rate towards the monthly R2 near the 3.72 mark during next week.

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