USD/TRY likely to surpass 5.8000 level

Dukascopy Bank Team Dukascopy Bank SA

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.

Author

Dukascopy Bank Team

Dukascopy Bank SA

Dukascopy Bank stands as an innovative Swiss online banking institution, with its headquarters situated in Geneva, Switzerland.

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