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FxWirePro: USD/TRY rallies to 3-1/2 week peak, jump till 5.7650 likely

The Turkish Lira eased, halting a 3-day rally as the greenback gained strength across the board. USD/TRY is currently trading 0.9 percent up at 5.7364, having hit a high of 5.7586 earlier, its highest since September 12.…

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FxWirePro: USD/TRY rallies to 3-1/2 week peak, jump till 5.7650 likely
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  • The Turkish Lira eased, halting a 3-day rally as the greenback gained strength across the board.
     
  • USD/TRY is currently trading 0.9 percent up at 5.7364, having hit a high of 5.7586 earlier, its highest since September 12. 
     
  • RSI is strong at 55.02 and Stochs are biased higher
     
  • Immediate resistance level is located at 5.7650, any close above could take it till 5.7913. 
     
  • On the downside, support is seen at 5.6951, and break below could take it near 5.6732.

Recommendation: Good to buy on dips around 5.7061, with stop loss of 5.6951, and target price of 5.7650. 

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