USD/TRY: Risk of a short-term pullback only on a break below 29.85 – SocGen

Market news

25 January 2024

USD/TRY: Risk of a short-term pullback only on a break below 29.85 – SocGen

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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