USD/TRY Price Analysis: Seesaws around all-time high near $9.88

• USD/TRY renews record top before trading sideways during three-day uptrend.
• RSI conditions hint at pullback inside a three-month-old rising channel, bullish chart pattern keeps buyers hopeful.
• 10-DMA, pennant’s support restrict short-term declines ahead of the channel’s support.

USD/TRY seesaws around $9.8760 after renewing the record top to $9.8810 during the pre-European session on Thursday.

In doing so, the Turkish Lira (TRY) pair justifies the confirmation of a bullish pennant chart pattern inside a short-term rising. However, overbought RSI conditions test the buyers of late.

Even so, the pullback moves remain less important until staying beyond the wedge’s resistance line, now support around $9.7180.

Following that, the 10-DMA and wedge’s lower line, respectively near $9.6925 and $9.5400, could test the USD/TRY bears before dragging them to the stated channel’s support around $9.4970.

Meanwhile, the $9.9000 round figure will precede the $10.00 psychological magnet and the channel’s upper line near $10.1480 to lure the USD/TRY bulls.

USD/TRY: Daily chart

Trend: Further upside expected