The Turkish lira has quickly reverted the bout of selling pressure following the CBRT announcements, sending USD/TRY back to the area of lows near 2.8750.

USD/TRY choppy post-CBRT

The pair found strong resistance in the vicinity of 2.8940 – where sits the key 200-day sma – after the Turkish central bank (CBRT) has lowered by 25 bp its Overnight Marginal Funding Rate to 10.50% from 10.75%, leaving unchanged instead the Overnight Borrowing Rate at 7.25% and the One-week Repo Rate at 7.50%.

Spot is now trading almost unchanged, keeping alive the rebound from recent YTD lows at 2.8370 posted last Friday.

USD/TRY key levels

At the moment the pair is up 0.04% at 2.8762 facing the next hurdle at 2.8937 (200-day sma) followed by 2.8971 (20-day sma) and finally 2.9232 (38.2% Fibo of 3.0630-2.8370). On the other hand, a breakdown of 2.8370 (2016 low Mar.18) would aim for 2.8120 (low Nov.20 2015) and then 2.7540 (low Nov.2 2015).

The Turkish lira has quickly reverted the bout of selling pressure following the CBRT announcements, sending USD/TRY back to the area of lows near 2.8750…

(Market News Provided by FXstreet)

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By FXOpen