- The Turkish Lira has appreciated to fresh 2-week highs vs. the greenback following yesterday’s rate hike by the CBRT by more than 600 bp, so far finding support in the proximity of the 6.00 handle.
- The likelihood of a ‘descending triangle’ formation in the hourly chart gives support to the idea that further downside appears probable in the near term.
- Interim targets on the downside emerge at yesterday’s low at 6.0167 ahead of 5.6675 (low August 16).
USD/TRY hourly chart
Daily high: 6.1471
Daily low: 6.0040
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 securities. 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 Forex 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.