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Analysts at Commerzbank, consider the USD/TRY pair is set to oscillate further around the 200-day moving average at 7.3169, stabilizing in the short-term

Key Quotes: 

“USD/TRY’s recent decline has taken it to the 200 day moving average at 7.3169 around which we expect the currency pair to now short-term stabilise. If not, we would have to allow for the 7.2692 May high and also the 7.2081 August 21 low to be reached. Further down the July high can be found at 7.0153 and the August low at 6.8916.”

“We will retain our neutral stance while the cross stays below the 8.0287/0530 late November and December highs.”

“Resistance below these levels comes in at the 7.4945/5195 late September and November lows and also along the three month resistance line at 7.6971 and the 55 day moving average at 7.8588.”