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USD/TRY topped out at 8.0530 and is to eventually revisit the 7.5395/4945 support area, according to Axel Rudolph, Senior FICC Technical Analyst at Commerzbank.

Key quotes

“USD/TRY’s recovery from its 7.5195 November low has taken it back to the 8.0530 November 24 high. From there a slide back towards the 7.5783/4945 support area is still expected to be seen. It contains the late September and November lows and also the 2020 uptrend line.” 

“Minor support below the 7.4945 late September low comes in at the 7.4193 August high and also between the 7.2692 May high and the 7.2081 August 21 low.” 

“Minor resistance above the 8.0530 recent high can be seen along the breached five-month uptrend line at 8.2850. Further minor resistance sits at the 8.3313 October 28 high and major resistance at the October and November highs at 8.5456/5814.”