USD/TRY trades in new all-time highs and still targets the 9.00 mark – Commerzbank

USD/TRY’s advance above the previous all-time high at 8.8057 has so far taken it to its new all-time high at 8.8999. Axel Rudolph, Senior FICC Technical Analyst at Commerzbank , expects the pair to hit the 9.00 level.

2020-2021 resistance line at 8.9009 caps at present

“USD/TRY is currently being capped by the 2020-2021 resistance line at 8.9009 but once bettered, the psychological 9.0000 mark and a daily 0.1 x 3 vertical Point & Figure target at 9.1000 will be targeted next.”

“Minor support below the 8.7267/8.6824 August and September 20 high is seen between the breached four month resistance line and the 55-day moving average at 8.8618/8.5088.” 

“Key support remains to be seen between the June to current September lows at 8.2925/2605. Support below the 8.2605 June low comes in at the 8.2056 May low with further support being seen at the 8.1300 late April low.”