USD/TRY minor support emerges at 6.50 – Commerzbank

Axel Rudolph, Senior Analyst at Commerzbank, noted the pair should meet minor support in the 6.50 region ahead of 6.4275.

Key Quotes

“USD/TRY’s rally is ongoing with it having so far risen to a new all-time high at 7.1310 (according to CQG) before slipping back below the psychological 7.0000 mark”.

“Were the 7.1310 high to be bettered, the 423.5% Fibonacci extension of the 2008 to 2014 advance, projected higher from the 2014 low, at 7.3179 would be in focus”.

“Then there is no potential resistance to speak of until the psychological 8.0000 mark and a vertical hourly 0.005 x 3 Point & Figure target at 8.6650”.

“Minor support is seen between psychological support at 6.5000 and today’s intraday low at 6.4275 and then around the psychological 6.0000 mark as well as at the early August high at 5.4209”.