USD/TRY: Further consolidation below 8.8057 – Commerzbank

The USD/TRY pair will likely extend the consolidation below the 8.8057 all-time high according to analysts at Commerzbank. They see good support between the March and early May highs at 0.85300/0.84605.

Key Quotes: 

“USD/TRY’s swift reversal from its June low at 8.2735 has taken it to a new all-time high at 8.8057 (according to CQG data) below which the cross is still expected to consolidate. If overcome, however, the psychological 9.0000 mark and a daily 0.1 x 3 vertical Point & Figure target at 9.1000 may be reached.”

“Good support seen between the March and early May highs at 8.5300/4605 continues to underpin. Below this area sits the June low at 8.2735. Support below the next lower 8.2056 May low is seen at the 8.1300 late April low and also at the late November and December highs and April low at 8.0530/7.9775.”