USD/TRY hits new record highs leaving the 9.00 level in its crosshairs – Commerzbank

USD/TRY has made a new all-time high and targets the minor psychological 9.00 mark, Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, reports.

Good support sits at 8.5300/4605, March and early May highs 

“USD/TRY’s swift reversal from its current June low at 8.2735 has taken it to a new all-time high at 8.7884 (according to CQG data) with the psychological 9.0000 mark and a daily 0.1 x 3 vertical Point & Figure target at 9.1000 being in the spotlight.” 

“Good support can now be seen at the March and early May highs at 8.5300/4605. Further down lie the 55-day moving average and the four month support line at 8.3817/3719 as well as the current June low at 8.2735.” 

“Support below the next lower 8.2056 May low is seen at the 8.1300 late April low and also at the late November and December highs and April low at 8.0530/7.9775. Further down lies the March 8 high at 7.7881. Below it the March 17 high and March 23 low can be spotted at 7.6923/7.6413.”