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In opinion of Axel Rudolph, Senior Analyst at Commerzbank, the pair is expected to keep the bearish stance as long as it trades below 6.2248.

Key Quotes

USD/TRY‘s fall through the 6.0090/5.9822 late August and mid-September lows has practically taken it to the 55 day moving average at 5.9695 which underpinned last week”.

“Below the current October low at 5.9068 the four month support line at 5.8354 remains to be seen, 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 bearish forecast while the currency pair remains below the three month resistance line at 6.2248 and, more importantly, the mid-September high at 6.5521″.