USD/TRY 1H Chart: Upside potential

The US Dollar has been appreciating against the Turkish Lira since the beginning of February when the exchange rate reversed from the psychological level at 5.2000.  

As apparent on the chart, the currency pair is testing the resistance level at the 5.4800 mark. Given that the rate is being supported by the 55-, 100– and 200-hour SMAs, it is likely that some upside momentum prevails in the market. It is expected that the rate targets the Fibonacci 38.20% retracement at 5.8128. 

It is the unlikely case that bears prevail in the market in the nearest future and the currency pair breaches the Fibonacci 61.80% retracement at 5.0298.

USDTRY

 

USD/ZAR 1H Chart: Long-term channel in sight

The USD/ZAR currency pair continued to go upside and reached the upper boundary of the long-term ascending channel at 14.55.  

Currently, the exchange rate is testing the upper channel line. From a theoretical point of view, it is expected that the pair reverses south and targets the lower trend boundary. Important support level to look out for is the Fibonacci 50.00% retracement at 13.58. 

However, given that the rate is being supported by the 55-, 100– and 200-hour SMAs, it is likely that a breakout north from the channel occurs in the nearest future. A possible upside target is the psychological level at 14.80.

USDZAR

 

This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.

Analysis feed

Latest Forex Analysis

Editors’ Picks

EUR/USD holds steady above 1.1200 ahead of Big week

EUR/USD remains trapped n a tight range above the 1.12 handle, lacking a clear direction amid broad-based US dollar strength and increased nervousness heading into Thursday's ECB policy decision.

EUR/USD News

GBP/USD drops further towards 1.2450 on fresh UK political woes

The GBP/USD pair drops further towards 1.2450 region, as the pound remains pressured, with likely Tory MPs resignations, as Johnson's leadership looks almost certain. Focus on Tuesday's UK election outcome.

GBP/USD News

USD/JPY bulls eyeing a sustained move beyond 108.00 handle

The USD remains supported by tempered Fed rate cut expectations. Escalating geopolitical tensions do little to hinder the positive move.

USD/JPY News

UK Politics, ECB Decision Highlight Week Ahead

We come into the new week, with currencies thinking about building some momentum against the US Dollar, after initially trading down in the early portion of last week, before recovering in the latter half.

Read more

Gold: Consolidates in a range around 50% Fibo. level

Meanwhile, technical indicators on the 1-hourly chart have already started recovering from the negative territory and maintained their bullish bias on 4-hourly/daily charts, supporting prospects for some renewed up-move amid escalating geopolitical tensions in the Middle East.

Gold News

Majors

Cryptocurrencies

Signatures