FxWirePro: USD/TRY off 1-1/2 month peak, dip till 5.8581 likely

• The Turkish Lira retreated from a 1-1/2 month low following the release of mixed economic data. 
   
• Turkey's retail sales increased 0.3 percent in August after posting a 1.5 percent decline in the previous month. 
   
• However, the Turkish currency trimmed gains as the unemployment rate rose to 13.9 percent in July from 13 in June.
   
• USD/TRY is currently trading 0.1 percent down at 5.9181, having hit a high of 5.9384 on Monday, its highest since August 26. 
   
• Momentum indicators are turning bearish on hourly charts - Stochs indicates a bearish crossover and MACD support downside.
   
• Immediate resistance level is located at 5.9607, any close above could take it above 5.9800. 
   
• On the downside, support is seen at 5.8581, and break below could take it near 5.8026.
   

Recommendation: Good to sell on rallies around 5.9201, with stop loss of 5.9429, and target price of 5.8581.