USD/TRY Technical Analysis Forecast
Yesterday we got FOMC decided to “maintain the target range for the federal funds rate at 1/4 to 1/2 percent “, but cut its forecast, and now expects two rate hikes this year to 0.9%.
Following the announcement, the dollar was down more than 1% against the major currencies and this, of course, affected the Turkish Lira
Currently, refraction of 2.86 zones would lead to 2.83 and to 2.79
Burglar zone will lead to a move rising from 2.94 to 6
Looking at the graph of the Turkish lira, the currency made double top at 3.06-7 prices
Price level convergence 2.86 area wider range of 2.75 to 2.87
Breakdown 2.75 level will send the pair to the 2.65-66
Conversely up crossing the 2.87 area confirming the continuation of the main trend
Turkish lira – USD/TRY
Support levels: 2.86
Major support: 2.78
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