FxWirePro: USD/TRY retreats from 3-1/2 week peak, struggles to break above 6.8500
Friday, June 12, 2020 10:57 AM UTC
- The Turkish Lira rose, retreating from a 3-1/2 week trough recorded in the prior session as the greenback declined across the board.
- The dollar declined against most major currencies except the Japanese yen, weighed down by hopes of a post-COVID global recovery, the easing of U.S.-China trade tensions and the prospect of capped long-term yields in the United States.
- USD/TRY is trading 0.1 percent lower at 6.8276, having hit a high of 6.8463 on Thursday, its highest since May 19.
- Immediate resistance is located at 6.8554, any close above could take it above 6.8745.
- On the downside, support is seen at 6.7880 (5-DMA) and break below could take it near 6.7648.