USD/TRY 1H Chart: Channel Down
- 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.
