USD/TRY’s advance to its new all-time high at 8.99 has practically taken it to Commerzbank’s upside target at 9.00. The pair could surge as high as the 10.00 level.
Bullish bias while above the 8.8037 early October low
“A rise and daily chart close above the psychological 9.00 mark would put a daily 0.1 x 3 vertical Point & Figure target at 9.10 on the map. Further up lies the 10.00 mark.”
“We will stay immediately bullish while the cross remains above the 8.8037 early October low.”
“Minor support below the next lower 8.7267/6824 August and September 20 high is seen between the breached four-month resistance line and the 55-day moving average at 8.5678/5253.”
“Key support remains to be seen between the June-to-September lows at 8.2925/2605. Support below the 8.2605 June low comes in at the 8.2056 May low with further support being seen at the 8.1300 late April low.”