- The Turkish Lira rose, extending previous session gains despite downbeat business confidence and capacity utilization figures.
- Turkey's manufacturing confidence index declined to 98.8 in September from 102.5 in the previous month, below the forecast of 101.9.
- While another report showed, capacity utilization decreased to 76.3 percent in September from 76.6 percent in August, against forecast of 76 percent.
- USD/TRY is currently trading 0.5 percent down at 5.6877, having hit a low of 5.6786 earlier, its lowest since September 19.
- RSI is weak at 47.81, MACD supports downside and Stochs are biased lower.
- Immediate resistance is located at 5.7417 (21-DMA), any close above could take it till 5.7650 (September 9 High).
- On the downside, support is seen at 5.6600 (September 18 Low), and break below could take it near 5.6468.
Recommendation: Good to sell on rallies around 5.7123, with stop loss of 5.7267 and target price of 5.6600.
