USD/TRY Technical Analysis: Pair could snap the three-day winning streak

The USD/TRY pair has dived out of the rising channel, as per the hourly chart, signaling the corrective rally from the Sept. 14 low of 6.02 has likely ended.
The downside break of the rising channel puts focus back on the bearish reversal signaled by the pennant breakdown on Sept. 13.
The pair looks set to end the three-day winning streak. Only a daily close above 6.55 (Sept. 13 high) would neutralize the bearish outlook.

Omkar Godbole FXStreet Contributor

Hourly Chart

Spot Rate: 6.3732

Daily High: 6.3983

Daily Low: 3.3533

Trend: Bearish

Resistance

R1: 6.4625 (Sept. 18 high resistance on the hourly chart)

R2: 6.55 (Sept. 13 high)

R3: 6.8354 (Aug. 30 high)

Support

S1: 6.3214 (50-hour moving average)

S2: 6.2497 (100-hour moving average)

S3: 6.00 (psychological level)

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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