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USD/TRY: RISK OF A SHORT-TERM PULLBACK ONLY ON A BREAK BELOW 29.85 – SOCGEN

guntur360
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USD/TRY has established above the 30.00 level. Economists at Société Générale analyze the pair’s technical outlook.

Beyond 30.72, next objective is located at 31.65

USD/TRY has experienced a relentless uptrend after cross above last August high. It has tested the upper limit of a multi-month channel near 30.60/30.72. The move is overstretched but reversal signals are not yet visible. Lower band of the channel at 29.85 is near-term support.

Only if the pair breaks 29.85 would there be risk of a short-term pullback.

Beyond 30.72, next objective is located at projection of 31.65.

 


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