The Turkish lira is under pressure. Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, expects the USD/TRY pair to reach new all-time highs at the psychological 10.0000 mark.
Immediately bullish while above the October 20 low at 9.2010
“USD/TRY’s advance has reached all our daily Point & Figure upside targets and may touch the psychological 10.0000 mark around which it is expected to soon stall. If not, we would have to allow for an hourly 0.01 x 3 Point & Figure upside target at 11.0400 to be reached.”
“We will stay immediately bullish while the cross remains above the October 20 low at 9.2010. Below it, a two-month support line can be found at 9.1721 and the September high at 8.9636. Further down sits the early October low at 8.8037. While remaining above the latter level, overall upside pressure should retain the upper hand.”
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