Dukascopy

USD/TRY 1H Chart: Rate edges lower from yearly high

FX:USDTRY   U.S. Dollar / Turkish Lira
The bullish sentiment has been guiding USD/TRY             since mid-February—a move which is confined by an ascending channel . This upward momentum intensified early in April when the US Dollar             reversed from the bottom boundary of this pattern.

Meanwhile, the pair reached its highest position in several years near the 4.20 mark on Wednesday. As apparent on the chart, it likewise formed a pattern similar to head-and-shoulders. By mid-today, the US Dollar             had fallen back down to the weekly R1 and the 100-hour SMA circa 4.09.

It is likely that the rate declines even lower in line with the senior channel and therefore reaches its bottom line and the 200-hour SMA at 4.04 early next week. The same bearish momentum could push the pair considerably lower in the medium term away from the aforementioned yearly high.
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