USD/TRY Technical Analysis: Pennant pattern could allow for further upside
|- After three consecutive daily pullbacks, the Turkish Lira is now regaining some interest and dragging USD/TRY to fresh 2-day lows around 6.25.
- The likelihood of a pennant formation in the daily chart could allow for extra gains in the near-to-medium term.
- In case the upside momentum gathers extra steam, 6.5653 (high September 13) should be the immediate target seconded by 6.8350 (high August 30), all preceding the all-time high at 7.2393 recorded in mid-August.
- The probability of extra gains is reinforced as long as spot trades above the daily cloud.
USD/TRY daily chart
Daily high: 6.4203
Daily low: 6.2400
Support Levels
S1: 5.9820
S2: 5.6675
S3: 5.5928
Resistance Levels
R1: 6.5653
R2: 6.8350
R3: 7.2393
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.