USD/TRY Technical Analysis: Descending triangle in the hourly chart hints at further decline

• The Turkish Lira has appreciated to fresh 2-week highs vs. the greenback following yesterday’s rate hike by the CBRT by more than 600 bp, so far finding support in the proximity of the 6.00 handle.
• The likelihood of a ‘descending triangle’ formation in the hourly chart gives support to the idea that further downside appears probable in the near term.
• Interim targets on the downside emerge at yesterday’s low at 6.0167 ahead of 5.6675 (low August 16).

USD/TRY hourly chart

Daily high: 6.1471

Daily low: 6.0040

Support Levels

S1: 6.0167

S2: 5.6675

S3: 5.5616

Resistance Levels

R1: 6.3218

R2: 6.4345

R3: 6.8350