USD/TRY: Dips to be contained at the 8.80 support – SocGen

USD/TRY has retracted after hitting the upper limit of a multi month channel at 9.85. However, economists at Société Générale see limited downside potential for the pair.

Next target on the upside sits at 10.16

“Steep ascending trend line at 9.20 and upper band of previous rectangle at 8.80 are near term supports.”

“Next projections are located at 10.16.”