FxWirePro: USD/TRY hovers towards 1-1/2 month peak, likely to break above 6.8700
Wednesday, July 8, 2020 11:05 AM UTC
- The Turkish Lira declined, halting a 2-day winning streak as the greenback rose against a basket of currencies.
- The dollar nudged higher after Federal Reserve officials expressed concern that rising coronavirus cases could harm economic growth just as stimulus measures begin to expire.
- USD/TRY is trading 0.2 percent up at 6.8644, having hit a high of 6.8767 on Friday, its highest since May 19.
- Immediate resistance is located at 6.8695, any close above could take it above 6.8824.
- On the downside, support is seen at 6.8574 and break below could take it near 6.8475.