USD/TRY 4H Chart: Short term decline in progress

FX_IDC:USDTRY   美元/新土耳其里拉
The US Dollar is one of the many currencies, which are gaining strength against the Turkish Lira. Although the most patterns are similar on the pairs that involve the currency of Turkey, there are minor differences.

In regards to the USD/TRY currency exchange rate the most notable difference is the fact that the pair is a the moment trading in a junior channel down pattern. The pattern is set to guide the currency pair down to the support of the most dominant pattern near the 3.90 mark.

Afterwards a continuation of the long term surge can be expected.

Recent development on the USD/TRY currency exchange rate’s charts have pressed for a need to review the currency pair. In general, the rate is being squeezed in from both sides, and a breakout is to be expected.

This was discovered, as the medium scale channel up pattern was adjusted and a tight level of various levels of significance was noticed near the 0.91-0.93 zone.

Meanwhile, in regards to the direction of the upcoming breakout it can be speculated that the pair will break out to the downside. That hypothesis is made due to the existence of a dominant ascending channel pattern, in accordance with which a medium term consolidation could occur.
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You are great :) Many thanks.
@skykhan, You are welcome!

Just be careful with the fundamentals. TRY pairs bounce a lot due to Erdogan's comments and the various counterproductive actions of the Turkish government.
skykhan Dukascopy
@Dukascopy, Thanks, I am very well aware since I am from and live in Turkey :) I am against the government but I can say that it seems like from now on things will go better in Turkey.
@skykhan, Then you should have the upper hand of knowing the situation beforehand.

Theoretically being on the spot might bring you a lot of advantages in forecasting long term moves.
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