USD/TRY gets closer to all-time highs at 8.5814 which are set to cap – Commerzbank

The USD/TRY pair is revisiting the 8.4605/8.5814 November and March highs which may continue to cap, though, Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, reports.

February low comes in at 6.8925

“USD/TRY has so far rallied to between the 8.4605 March high and the November all-time high at 8.5814. This resistance area we still expect to cap.” 

“While no rise and daily chart close above the 8.4605 March high is seen, further range trading between the 8.5814 alltime high and the March 8 high at 7.7881 is likely to ensue with the current April low at 7.9775 acting as immediate support.”

“Below 7.9775, the next lower 7.6923/7.6413 March 17 high and March 23 low the November low and January high can be spotted at 7.5439/7.5195. Further down lie the January low at 7.2417 and the March low at 7.1916 as well as the February trough at 6.8925.” 

“Only a rise above the November peak at 8.5814 would target a daily 0.1 x 3 vertical Point & Figure upside target at 9.1000.”