USD-TRY prise sharply crossed 5.6000 level

2018年10月23日

As we posted last week, USD-TRY prise sharply crossed 5.6000 level, now trading around 5.7640

We think that before TCMB meeting price will be above our 5.7760 (R1) target, as we mentioned before 25 october is important to make longer term forecast. But it must be mentioned that USD is advancing versus major currencies from monday, so the price of Lira dropped to 5.70 not because of negative trend for Turkish currency, but due to USD fluctuations.

Targets:
Resistance - 5.7760 (R1); 5.9092 (R2)
Support - 5.7168 (S2); 5.6456 (S1);

Important topics which had an impact on currency market, during last week:
* Khashoggi crisis
* Berat Albayrak“Fluctuations in...finance sector have ended”
* Trump - "Feds going loco!"
* Brexit stuck
* TCMB release