USD/TRY likely to surpass 5.8000 level

During Monday's trading session the USD/TRY currency pair was testing important resistance level located at the 5.8000 mark.

It is likely, that the pair breaches the given resistance in the nearest future, as the Turkish Lira continues to depreciate against the US Dollar after the unproductive dialogue between the Turkish finance minister, Berat Albayrak, and investors during the IMF-World Bank meetings in Washington last week.

Analysts think that the Lira remains under pressure in the medium run due to geopolitical tensions. A possible upside target is the psychological level at 6.2000.


This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.