• The Turkish Lira declined, hovering towards a 1-1/2 year low hit last week and pushing against a key resistance point at 7 per dollar.
   
• Turkey’s central bank has used up billions of dollars of its foreign currency reserves by engaging in swap trades with state-run banks, resulting its net reserves to virtually deplete.
   
• Last week, the pair retreated from recent highs but found strong support at 7-EMA. 
   
• USD/TRY is trading 0.1 percent up at 6.9734, having hit a high of 7.0079 on Wednesday, its highest since August 2018. 
   
• Immediate resistance is located at 7.0086, any close above could take it above 7.0142.
   
• On the downside, support is seen at 6.9650 (5-DMA) and break below could take it near 6.9418 (7-EMA).