USD/TRY to race higher towards 9.15 by year-end – SocGen
|Economists at Société Générale expect USD/TRY to stay above the 8.26. A break above the July peak of 8.74 is key to see additional gains towards the 8.95 level.
Deeper pullback not expected while above 8.26
“A phase of consolidation is under way; the pair recently defended the lower limit of its range near 8.26. So long as this remains defended, a deeper pullback is not expected.”
“Test of the lower band has resulted in a bounce and the pair could head towards the July peak of 8.74. This remains an interim hurdle.”
“Overcoming the July high of 8.74 can result in the next leg of up move towards 8.80 and projections of 8.95.”
“Our USD/TRY forecast is 9.15 by year-end.”
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.