The American Dollar is losing value against the Turkish Lira simultaneously in short-term and medium-term descending channels.
Formation of the channel started after the currency exchange rate bounced off from a combined resistance level formed by the 55- and 200-hour SMAs.
At the moment, the pair is gradually slipping towards the weekly S1 at 3.5067, while path to the north is secured by the 55- and 100-hour SMAs.
In theory, the pattern should remain active at least until the rate reaches the above support level.
But in practice, it will be broken, most probably, already in the second half of the day amid announcement of information on the US ISM Manufacturing PMI.
If the released figures will justify analysts’ expectations, the pair might even fall below the weekly S1.