USD/TRY Price Analysis: Bears stay in charge despite firmer US dollar

• USD/TRY remains in the hands of the bears.
• US dollar is coming up for air, but TRY is firm below daily resistance.

Technically, USD/TRY remains stuck in a sideways range between the 13.00 and 14.00 areas. The US dollar, as measured by the DXY index, is firmer and correcting the recent bearish thrust below daily channel support:

DXY daily chart

Nevertheless, the bears remain at the table and from a political front, the lira could find further stability as we approach planned elections scheduled for no later than mid-2023. 

President Erdogan's opinion poll ratings are down as Erdogan's scheme to curb the lira's weakness has not gone to plan.

However, as the technical outlook stands, the case for both the bulls and bears remains while the price continues to consolidate in familiar territory as follows:

USD/TRY daily chart