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FX Strategy 29 August 2013 |
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USD/TRY so far made a new all-time high at 2.0728.
The 100% Fibonacci extension of the April-to-July rise, projected higher from the July low, at 2.0922 is a potential upside target, together with the psychological 2.1000 level. Around this level the current advance may stall.
If not, the 161.8% Fibonacci extension at 2.2115 will be in focus.
Support is seen around the 2.0000 mark and then at the 1.9734 July high.
We will remain bullish while the currency pair stays above the 1.8992 July low.
We will retain our longer term bullish forecast while USD/TRY remains above its June low at 1.8503.
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