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.

Pablo Piovano FXStreet

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

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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