USD/TRY 1H Chart: Channel Down

The Greenback has been depreciating against the Turkish Lira in a short-term channel down. The last two waves up, however, failed to form a movement upwards, resulting in a consolidation period. The rate tested the upper channel boundary mid-session and has since moved lower. However, given the direction of this wave, it may still re-test the given line in accordance with a junior descending channel. This pattern formed when the Greenback failed to overcome the monthly PP at 3.5209. Thus, the 3.5100/3.5300 area may eventually be a turning point that could guide the Greenback past the aforementioned trend-line and even higher, as bearish technical indicators are gradually decreasing in strength.