USD/TRY: New all-time highs, potential to reach the 10.00 mark – Commerzbank

Turkish lira trades in new all-time lows. According to Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, the USD/TRY pair may rise all the way to the 10.00 level.

USD/TRY trades in new all-time highs above 9.00

“USD/TRY’s advance has reached our daily 0.1 x 3 vertical Point & Figure upside target at 9.1000 and so far risen to 9.2959. Further up lies the 10.0000 mark.”

“We will stay immediately bullish while the cross remains above the two month support line at 9.0330 below which the early October low can be spotted at 8.8037. While remaining above the latter level, overall upside pressure should retain the upper hand.” 

“Key support remains to be seen between the June-to-September lows at 8.2925/2605.”