USD/TRY: Further consolidation – Commerzbank

Axel Rudolph, analyst at Commerzbank, suggests that the USD/TRY is to consolidate further below its current May high at 6.2458 and the high was made around the October peak at 6.2282.

Key Quotes

“While no daily chart close above the 6.2458 high is seen, the area seen between the 38.2% Fibonacci retracement of the August-to-November decline at 5.8963 and the late October and March highs at 5.8692/5.8449 is likely to be revisited.”

“Were a currently unexpected rise and daily chart close above the high at 6.2458 to be seen, the 61.8% Fibonacci retracement at 6.3678 as well as the mid-September highs at 6.4649/6.5521 would be in sight.”