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USD/TRY has made a new all-time high and targets the minor psychological 9.00 mark, Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, reports.

Good support sits at 8.5300/4605, March and early May highs  

“USD/TRY’s swift reversal from its current June low at 8.2735 has taken it to a new all-time high at 8.7884 (according to CQG data) with the psychological 9.0000 mark and a daily 0.1 x 3 vertical Point & Figure target at 9.1000 being in the spotlight.”  

“Good support can now be seen at the March and early May highs at 8.5300/4605. Further down lie the 55-day moving average and the four month support line at 8.3817/3719 as well as the current 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. Further down lies the March 8 high at 7.7881. Below it the March 17 high and March 23 low can be spotted at 7.6923/7.6413.”