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- USD/TRY to evolve within a 12.50/12.45 and 16.45 range – SocGen
USD/TRY to evolve within a 12.50/12.45 and 16.45 range – SocGen
The Turkish lira recovered to 10.25 on 23 December but cracks have re-emerged since, causing losses to snowball again to 13.60. Economists at Société Générale expect the USD/TRY to consolidate within a 12.50-16.45 range.
Important support sits at 10.25
“After recent sharp up / down swings, a phase of sideways consolidation is not ruled out.”
“The pair is expected to evolve within a range near term, the bounds could be at 12.50/12.45 and 16.45, the 76.4% retracement of the pullback.”
“Recent trough at 10.25 could be an important support.”
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