- After three consecutive daily pullbacks, the Turkish Lira is now regaining some interest and dragging USD/TRY to fresh 2-day lows around 6.25.
- The likelihood of a pennant formation in the daily chart could allow for extra gains in the near-to-medium term.
- In case the upside momentum gathers extra steam, 6.5653 (high September 13) should be the immediate target seconded by 6.8350 (high August 30), all preceding the all-time high at 7.2393 recorded in mid-August.
- The probability of extra gains is reinforced as long as spot trades above the daily cloud.
USD/TRY daily chart
Daily high: 6.4203
Daily low: 6.2400
Support Levels
S1: 5.9820
S2: 5.6675
S3: 5.5928
Resistance Levels
R1: 6.5653
R2: 6.8350
R3: 7.2393
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