USD/TRY to drop towards 12.80 on failure at 14.00/35 – SocGen

USD/TRY points to sideways price action in short-term. If the pair fails to break above the 14.00/35 resistance zone, then we could see another leg lower towards 12.80, economists at Société Générale report.

USD/TRY could remain within a range near-term

“Crisscross price action around the 200-DMA points towards lack of clear direction. The pair has started consolidating last year's gains and could remain within a range near-term.”

“14.00/14.35, the 50% retracement of the pullback is likely to be immediate resistance.”

“Failure to cross 14.00/14.35 can result in a dip towards low of January at 12.80.”