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  • 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.

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)

Expert score

5

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