USD/TRY to suffer a decline on a close below 9.4055 – Commerzbank

USD/TRY’s advance has taken it to its October all-time high at 9.8610 below which it continues to consolidate. The pair will confirm a top here on a daily chart close below 9.4055, Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, reports.

Daily chart close below 9.4055 to confirm a top formed at 9.8610

“A drop and daily chart close below the 9.4055 October 26 low would confirm that a top has indeed been formed with the October 20 low at 9.2010 remaining in focus.” 

“More significant support can be spotted at the September high at 8.9636 and also between the June high and October low at 8.8057/37.”

“In case of an unexpected rally and daily chart close above the 9.8610 October peak being made, the psychological 10.0000 mark would be next in line around which the cross would then be expected to stall. If not, we would have to allow for an hourly 0.01 x 3 Point & Figure upside target at 11.0400 to be reached.”