FxWirePro: USD/TRY extends rally, intraday bias bullish

• The Turkish Lira fell to a fresh 1-week low ahead of the Central Bank of the Republic of Turkey (CBRT) interest rate decision tomorrow at 1100 GMT.  
   
• The Central Bank of Turkey is expected to cut its interest rate to 17.50 percent from 19.75 percent. 
   
• USD/TRY is currently trading 0.4 percent up at 5.7893, having hit a high of 5.7913 earlier, its highest since September 3. 
   
• Technical indicators show bullish trend - RSI strong at 58.46 and Stochs are biased higher.
   
• Immediate resistance is located at 5.8581 (August 27 High), break above could take it till 5.9326 (June 14 High). Trend reversal only above 5.9326. 
   
• On the downside, support is seen at 5.7062 (55-EMA), any break below could take it near 5.6484 (Sept. 5 Low).

Recommendation: Good to buy on dips around 5.7588, with stop loss of 5.7384 and target price of 5.8230/ 5.8500.