USD/TRY trades in new all-time highs, scope for the 10.6444/11.0400 zone – Commerzbank

USD/TRY’s advance has taken it to above the October previous all-time high at 9.8610 to its current new all-time high at 10.0603. In the opinion of Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, the pair may reach the 10.6444/11.0400 area.

Upside potential while above early November low at 9.4660

“A 261.8% Fibonacci extension taken from the September low and projected higher from the October trough at 10.6444 represents our new upside target as well as an hourly 0.01 x 3 Point & Figure upside target at 11.0400.”

“Potential slips below the October high at 9.8610 may find minor support at the 9.7685 early November low. Further minor support is found at the 9.6328 late October high.” 

“While the next lower early November low at 9.4660 isn’t slipped through, upside pressure should retain the upper hand.”