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Karen Jones, Head of FICC Technical Analysis at Commerzbank noted the pair still remains under pressure and stays offered below 5.9036.

Key Quotes

USD/TRY has remained under pressure and is directly offered while capped by the 5.9036 3 month downtrend. It has eroded the 5.6972 mid-August low and in doing so suggests a top formation and pushes the August 6 high at 5.4209 to the fore. We note that the Elliott wave count remains positive but would describe our stance as neutral to bearish”.

“Further, stronger support, comes in at the May and July highs at 4.9624/4.9233. Slightly ahead of here we have a double Fibonacci retracement at 5.06/5.03″.

“We will retain our bearish forecast while the currency pair remains below the current October high at 6.2282″.