USD/TRY: Strong rebound implies a retest of the 8.8057 all-time high – Commerzbank

Emerging markets are experiencing general weakness amid underlying US Dollar strength. Consequently, the USD/TRY pair could see another attempt to hit the all-time high at 8.8057, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, reports.

USD/TRY made an all-time high at 8.8057

“USD/TRY has seen a strong rebound just ahead of the June low at 8.2735. Attention is back on the 4th June high at 8.7532 and the 8.8057 all-time high.”

“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.”

“If the all-time high at 8.8057 were to be overcome, the psychological 9.0000 mark and a daily 0.1 x 3 vertical Point & Figure target at 9.1000 may be reached.”