USD/TRY to soar above all-time high at 8.8057 towards the 9.00 mark – Commerzbank

USD/TRY has risen above the 8.6824 August high. The pair targets 8.8057 all-time high and 9.0000, Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, reports.

USD/TRY is approaching its all-time high at 8.8057

“USD/TRY’s advance above the 8.6824 August high is bullish and puts the all-time high at 8.8057 back in the frame. Ideally we would like to see a daily chart close above the 8.6824 high in order to confirm.” 

“On the way up lies the early June high at 8.7532 and also the 8.8057 all-time high, also made in June. Once bettered, the psychological 9.0000 mark would be back in the frame.” 

“Minor support comes in between the breached four month resistance line and the 55-day moving average at 8.85801/8.5018.” 

“Key support remains to be seen between the June to current September lows at 8.2925/2605.”