USD/TRY Technical Analysis: Upside capped around 6.50 so far

• The Turkish Lira is depreciating for the second consecutive session so far on Monday, taking USD/TRY to fresh daily highs in the boundaries of 6.50, where lost some impetus.
• Further weakness in TRY beyond last week’s lows around 6.56 could motivate spot to attempt a re-visit to late August peaks in the 6.81/83 band ahead of all-time highs near 7.24 (August 13).
• On the downside, the 6.00 neighbourhood continues to offer decent contention.

USD/TRY daily chart

Daily high: 6.4788

Daily low: 6.1532

Support Levels

S1: 5.9820

S2: 5.6675

S3: 5.5928

Resistance Levels

R1: 6.5653

R2: 6.8350

R3: 7.2393