The Turkish Lira has been depreciating against the US Dollar in an ascending channel since the middle of August.
Currently, the rate is being supported by the 55– and 100-hour SMAs on the 1H time-frame. Given that technical indicators flash bullish signals both in the short and the long terms, it is expected that the pair could go to the upper boundary of given channel. Two important levels to look out for are the weekly R1 at 6.9350 and the Fibonacci 0.00% retracement at 7.0213.
However, from a theoretical point of view, the exchange rate should aim for the lower boundary of the ascending channel.
Currently, the rate is being supported by the 55– and 100-hour SMAs on the 1H time-frame. Given that technical indicators flash bullish signals both in the short and the long terms, it is expected that the pair could go to the upper boundary of given channel. Two important levels to look out for are the weekly R1 at 6.9350 and the Fibonacci 0.00% retracement at 7.0213.
However, from a theoretical point of view, the exchange rate should aim for the lower boundary of the ascending channel.