USDTRY

The USD/TRY pair draws attention as the Turkish Lira continues to remain weak despite emerging market currencies appearing strong against the dollar in global markets. The Argentine Peso stands out as the strongest currency, while the Turkish Lira is positioned at the weaker end of the list with a 0.10% depreciation. The U.S. retail sales exceeding expectations and Fed Chair Powell's statement about not rushing into interest rate cuts also ease the global pressure on the dollar. However, a trend change in USD/TRY is not expected unless there is specific news flow regarding Turkey's economic outlook and the TL.

From a technical perspective, the USD/TRY chart may continue to display a positive outlook as long as it stays above the 34.16-34.22 range in the short term. In upward movements, the first resistance is at the 34.39 level, followed by potential targets at 34.45 and 34.54. Surpassing the 34.54 resistance might strengthen the current trend. In downward movements, 34.29, 34.22, and 34.16 levels are monitored as support. The RSI indicator is at the 60 level, indicating a slightly positive market trend. There is a noticeable 0.18% increase in the pair compared to the previous day.