USD/TRY to stabilize below the 8.8057 all-time high – Commerzbank
|The USD/TRY pair rallied to an all-time high at 8.8057. According to Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, further consolidation below the mentioned peak is expected to be seen.
USD/TRY made an all-time high at 8.8057
“USD/TRY is still coming off its all-time high at 8.8057 below which the cross is still expected to consolidate. It is currently flirting with the 2021 support line at 8.4400 and may soon reach the June low at 8.2735.”
“Support below the next lower 8.2056 May low is seen at the 8.1300 late April low and also at the late November and December highs and April low at 8.0530/7.9775. Further down lies the March 8 high at 7.7881. Below it the March 17 high and March 23 low can be spotted at 7.6923/7.6413.”
“Minor resistance sits at the 8.6274 late July high.”
“If the all-time high at 8.8057 were to be overcome, the psychological 9.0000 mark and a daily 0.1 x 3 vertical Point & Figure target at 9.1000 may be reached.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.