USD/TRY gathers upside traction near 5.90. Turkey continues its military campaign in Northern Syria. Potential US sanctions against Turkey weigh on the Lira. The Turkish currency remains under pressure so far on Thursday and is now pushing USD/TRY to fresh 6-week highs in the vicinity of 5.90. USD/TRY focused on geopolitics, sanctions TRY remains under pressure as the probability of US sanctions against the country still linger, particularly after President R.T.Erdogan announced on Wednesday the start of the military advance into Northern Syria under operation ‘Peace Spring’. According to Erdogan, the military campaign aims to fight terrorist groups who operate in the so-called ‘terror corridor’ across the southern border of Turkey. On the domestic front, and according to latest news, concerns remain on the rise after the Turkish police force commenced to suppress social media content that could be against the military operation. What to look for around TRY The Turkish Lira has exacerbated its depreciation in past sessions in response to geopolitical concerns and the probability of sanctions after the country has embarked into a military campaign in Northern Syria. On another front, TRY has digested very well the two consecutive (massive) interest rate cuts by the CBRT since President R.T.Erdogan appointed M.Uysal as Governor, although investors remain sceptical of further strength in the currency in light of a still debatable ability of the country to embark on a more sustainable growth path (Erdogan set a target of 5% GDP growth in 2020) and to implement the much needed structural reforms, which remain crucial to bring in more stability to the currency and sustainability to domestic fundamentals. On the broader view, TRY looks supported by the ‘hunt for yield’, positive headlines from the US-China trade developments and prospects of extra interest rate cuts by the Federal Reserve. USD/TRY key levels At the moment the pair is gaining 0.32% at 5.8890 and a surpass of 5.9416 (61.8% Fibo of the May-August drop) would open the door to 6.0027 (monthly high Aug.26) and then 6.0753 (78.6% Fibo of the May-August drop). On the other hand, the next support emerges at 5.7536 (38.2% Fibo of the May-August drop) followed by 5.6853 (55-day SMA) and finally 5.6434 (200-day SMA). FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Forex News Today: Daily Trading News share Read Next Top 3 price prediction Bitcoin, Ripple, Ethereum: Altcoin season? Some Altcoins will never see the Moon FX Street 3 years USD/TRY gathers upside traction near 5.90. Turkey continues its military campaign in Northern Syria. Potential US sanctions against Turkey weigh on the Lira. The Turkish currency remains under pressure so far on Thursday and is now pushing USD/TRY to fresh 6-week highs in the vicinity of 5.90. USD/TRY focused on geopolitics, sanctions TRY remains under pressure as the probability of US sanctions against the country still linger, particularly after President R.T.Erdogan announced on Wednesday the start of the military advance into Northern Syria under operation 'Peace Spring'. According to Erdogan, the military campaign aims to fight terrorist groups who operate… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.