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28 Apr 2020
USD/TRY: 7.00 psychological mark reached – Commerzbank
USD/TRY has reached the 7.0000 mark as expected above which lies the August 2018 peak at 7.1310, Karen Jones from Commerzbank informs.
Key quotes
“Further 7.000 sits the August 2018 peak at 7.1310. Above it, a 423.5% Fibonacci extension can be found at 7.3179.”
“Immediate upside pressure should be maintained while the cross remains above the mid-April low at 6.8306.”
“Minor support 6.8306 this level is seen at the 6.7943 April 8 high.”