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In opinion of Senior Analyst at Commerzbank Axel Rudolph, the pair is poised to extend the consolidation below the 6.5521 level.

Key Quotes

USD/TRY is expected to consolidate further below the 6.5521 September 13 high with the 6.0090/5.9822 zone expected to be revisited while 6.5521 caps on a daily chart closing basis. This support area consists of the late August and current September lows”.

“The next lower 5.6972 mid-August low is also likely to be reached”.

“Below the 5.6972 level lie the 55 day moving average, midAugust low and the four month support line at 5.7406/5.6318″.