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Senior Analyst at Commerzbank Axel Rudolph noted the pair remains bearish while below 6.3381.

Key Quotes

USD/TRY‘s fall through the 6.0090/5.9822 late August and mid-September lows nears the 55 day moving average at 5.8509 and also the four month support line at 5.7336 as well as the mid-August low at 5.6972″.

“A drop below the 5.6972 level would confirm a top and push the August 6 high at 5.4209 to the fore”.

“Further, stronger support, comes in at the May and July highs at 4.9624/4.9233″.

“We will retain our now bearish forecast while the currency pair remains below the three month resistance line at 6.3381″.