USD/TRY moves higher after two daily pullbacks. Turkey rejected Trump’s letter. US sanctions loom. Operation ‘Peace Spring’ remains well in place. The Turkish Lira has resumed the downside on Thursday and is now lifting USD/TRY to the vicinity of the 5.90 level, where some decent resistance appears to have emerged. USD/TRY focused on Syria”¦ and Trump The offered bias seems to have returned to the Turkish currency in the second half of the week and is now prompting the pair to reverse two daily pullbacks and refocus on the upside. TRY trades on a soft fashion today as the likeliness of US sanctions against the country has picked up traction after President R.T.Erdogan ‘dismissed’ a letter from President Trump earlier in the morning. In the meantime, the US Congress has intensified its pressure on Trump’s recent decision to pull back army troops from Syria. In the Turkish calendar, in the meantime, Industrial Production contracted 3.6% on a year to August, intensifying the contraction recorded in the previous month. Additional data saw Retail Sales expanding at a monthly 0.3% and the Budget deficit came in at TRY 17.71 billion in September. What to look for around TRY The outlook on the Turkish Lira has deteriorated further following the start of the military operation in Syria and the subsequent threats of US sanctions. That said, TRY is expected to remain well under heavy pressure both on the geopolitical and domestic economic front, while the psychological 6.00 mark is back on the radar. On the latter, scepticism among investors regarding the ability of the country to finally 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 – crucial to bring in more stability to the currency and sustainability to domestic fundamentals – remains on the rise and cast dark clouds over occasional bouts of strength in the currency. USD/TRY key levels At the moment the pair is gaining 0.12% at 5.8910 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 5.7689 (21-day SMA) followed by 5.6553 (200-day SMA) and finally 5.6367 (monthly low Sep.30). 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 FXStreet News share Read Next GBP/USD technical analysis: Cable erases daily gains as the DUP rejects the Brexit deal FX Street 4 years USD/TRY moves higher after two daily pullbacks. Turkey rejected Trump's letter. US sanctions loom. Operation 'Peace Spring' remains well in place. The Turkish Lira has resumed the downside on Thursday and is now lifting USD/TRY to the vicinity of the 5.90 level, where some decent resistance appears to have emerged. USD/TRY focused on Syria"¦ and Trump The offered bias seems to have returned to the Turkish currency in the second half of the week and is now prompting the pair to reverse two daily pullbacks and refocus on the upside. TRY trades on a soft fashion today as the likeliness… 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.