USD/TRY: Upside in store? - Commerzbank

Sandeep Kanihama FXStreet Contributor

Karen Jones, analyst at Commerzbank, explains that the USD/TRY is about to overcome the 5.8449 March high with the October 1 low and the October 23 high at 5.8692/5.9068 then being in focus.

Key Quotes

“This minor resistance area should also be exceeded with the late August low, 50% retracement and January high at 5.9822/6.0760 then being in the picture.”

“Still further up sits the October peak at 6.2282. Support is seen between the November high, mid-January high and the 200 day moving average at 5.5454/03.”

“Further support below the 55 day moving average at 5.4222 can be spotted at the 5.3044 March low and also between the November and January lows at 5.1625/5.1331.”

Author

Sandeep Kanihama

FXStreet Contributor

Sandeep Kanihama is an FX Editor and Analyst with FXstreet having principally focus area on Asia and European markets with commodity, currency and equities coverage. He is stationed in the Indian capital city of Delhi.

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