The USDTRY advanced 4% this week and approached new record high at 8.7536, posted on June 2, Fed’s signals of stimulus tapering and rate hikes, probably earlier than expected, strongly boosted dollar.

This week’s advance nearly fully retraced shallow pullback from new all-time high and signaling that the pair is about to enter uncharted territory again.

Bulls eye targets at 8.9000 (round figure) and 8.9796 (Fibo 123.6% projection of the upleg from 6.8951 (Feb 16 trough) with extension towards 9.0000 (psychological) and 9.2258 (Fibo 138.2% projection) not ruled out on stronger acceleration.

Res: 8.7060; 8.7536; 8.8000; 8.7536

Sup: 8.6142; 8.5550; 8.5265; 8.5000

The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.

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