FxWirePro: USD/TRY at 1-week peak, a jump till 5.7895 likely

• The Turkish Lira fell to a 1-week low ahead of the Central Bank of the Republic of Turkey (CBRT) interest rate decision on Thursday.  
   
• The Central Bank of Turkey cut its one-week repo auction rate by 425bps to 19.75 percent during its July meeting, against market expectations of a 250bps cut.
   
• USD/TRY is currently trading 0.3 percent up at 5.7645, having hit a high of 5.7727 earlier, its highest since September 3. 
   
• Technical indicators show bullish trend - RSI up at 56.11 and Stochs are biased higher.
   
• Immediate resistance is located at 5.7895 (August 22 High), break above could take it till 5.8581 (August 27 Peak).
   
• On the flip side, major support is seen at 5.6800 (trendline joining 5.4494 and 5.6484), any break below could take it near 5.5965 (200-DMA).
   

Recommendation: Good to buy on dips around 5.7370, with stop loss of 5.7155 and target price of 5.7895.