USDTRY

The USD/TRY pair is exhibiting a partial upward trend influenced by the Christmas holiday effect in global markets and the upcoming Monetary Policy Decisions of the Central Bank of the Republic of Turkey (CBRT). The Turkish Lira, being one of the emerging market currencies, is showing weak performance against the US Dollar. When compared to other currencies like the Hungarian Forint and the Thai Baht, it is observed that the TL shows a weak outlook. The pair is trading close to the 35.25 level and uncertainties regarding the TL persist.

From a technical perspective, the 35.21 level is monitored as support in the USD/TRY pair, while maintaining above this level suggests the potential for the pair to move towards resistances at 35.29, 35.37, and 35.45. As long as it remains above the lower point of the Envelope indicator at 35.21, there is a possibility for the trend to continue optimistically. The RSI indicator stands at 52, presenting a neutral outlook. The pair has increased by 0.19% compared to the previous day. If it fails to maintain above the 35.37 resistance, the pair may exhibit a tendency to consolidate within the range of 35.02 – 35.37 for a while.