The US Dollar has appreciated substantially against the Turkish Lira during the past few months. The bullish momentum has been steered by an ascending channel since September 12, 2017.
The USD/TRY exchange rate has breached a resistance cluster set by the weekly and the monthly pivot points near 3.9737 where the upper trend-line is located.
Everything being equal, analysts project the target for the currency exchange rate is likely to be the weekly R1 at 4.0478. However, a corrective move south is expected during the following trading sessions. Meanwhile, technical indicators suggest the rally could continue until the pair reaches the aforementioned resistance.
