USD/TRY: Next projections are located at 27.50 and 28.55/28.70 – SocGen

Market news

20 July 2023

USD/TRY: Next projections are located at 27.50 and 28.55/28.70 – SocGen

Economists at Société Générale analyze USD/TRY technical outlook.

Signals of a meaningful decline are not yet visible

USD/TRY uptrend has accelerated since March as highlighted by the steep slope of 20-DMA. It has recently broken out from a brief consolidation denoting extension in uptrend. The move is overstretched however signals of a meaningful decline are not yet visible.

Next projections are located at 27.50 and 28.55/28.70.

Defence of the MA near 26.20/25.80 would be crucial for persistence in up-move.

See – Türkiye: A 350 bps rate hike will immediately trigger pressure on the Lira – Commerzbank

Euro keeps the consolidative mood around 1.1200

FX option expiries for July 20 NY cut

Market Focus

Material posted here is solely for information purposes and reliance on this may lead to losses. Past performances are not a reliable indicator of future results. Please read our full disclaimer

Open Demo Account & Personal Page

Personal area

support@teletradepartners.com

Risk Warning: Trading in the financial markets (including trading on margin) provides a wide range of opportunities and enables investors ready to take risks to make high profits, but it carries a potentially high level of risk of loss. Therefore, prior to trading you should take into careful consideration whether such operations are suitable for you in terms of your level of knowledge and financial situation.