USD/TRY to stabilize below the 8.8057 all-time high – Commerzbank

The USD/TRY pair rallied to an all-time high at 8.8057. According to Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, further consolidation below the mentioned peak is expected to be seen.

USD/TRY made an all-time high at 8.8057

“USD/TRY is still coming off its all-time high at 8.8057 below which the cross is still expected to consolidate. It is currently flirting with the 2021 support line at 8.4400 and may soon reach the June low at 8.2735.”

“Support below the next lower 8.2056 May low is seen at the 8.1300 late April low and also at the late November and December highs and April low at 8.0530/7.9775. Further down lies the March 8 high at 7.7881. Below it the March 17 high and March 23 low can be spotted at 7.6923/7.6413.” 

“Minor resistance sits at the 8.6274 late July high.” 

“If the all-time high at 8.8057 were to be overcome, the psychological 9.0000 mark and a daily 0.1 x 3 vertical Point & Figure target at 9.1000 may be reached.”