FxWirePro: USD/TRY rallies to an over 9-month high, good to buy on dips

• The Turkish Lira plunged to a fresh 9-1/2 month low despite better-than-expected business confidence and capacity utilization.
   
• Turkey's manufacturing confidence index increased to 106.9 in February, the highest since May 2018, while capacity utilization increased to 76 percent in February from 75.50 percent in January of 2020
   
• USD/TRY is trading 0.9 percent up at 6.1470, having hit a high of 6.1555 earlier, its highest since May 10. 
   
• Momentum indicators are bullish - RSI strong at 82, MACD supports upside and Stochs are at overbought levels.
   
• Immediate resistance is located at 6.1611, any close above could take it above 6.1868 / 6.2022
   
• On the downside, support is seen at 6.0846 and break below could take it near 6.0735 (5-DMA).

Recommendation: Good to buy on dips around 6.1165, with stop loss of 6.0846 and target price of 6.1611.