FxWirePro: USD/TRY jumps to fresh 9-1/2 month peak, intraday bias bullish

• The Turkish Lira plunged to a new 9-1/2 month low hit earlier in the session.
   
• On Tuesday, the Turkish currency rallied to a near 1-week peak but closed 0.4 percent lower at 6.1408. 
   
• USD/TRY is trading 0.3 percent up at 6.1588, having hit a high of 6.1632 earlier, its highest since May 10. 
   
• Momentum indicators are bullish - RSI strong at 84, MACD supports upside and Stochs are at overbought levels.
   
• Immediate resistance is located at 6.1648, any close above could take it above 6.1729.
   
• On the downside, support is seen at 6.1160, and break below could take it near 6.1036 (5-DMA).

Recommendation: Good to buy on dips around 6.1414, with stop loss of 6.1309 and target price of 6.1648.