USDTRY

The USD/TRY pair is focused on the Central Bank of the Republic of Turkey's (CBRT) Monetary Policy Decisions in global markets dominated by a holiday psychology due to Christmas. While the dollar generally exhibits a strong trend against emerging market currencies, the Turkish Lira is displaying a weaker performance compared to other currencies. Notably, it stands out among other currencies such as the Brazilian Real and the Philippine Peso with a 0.17% depreciation. In this context, the USD/TRY pair is trading close to the 35.28 level, and market participants are closely monitoring expectations for a rate cut by the CBRT.

According to chart analysis, the USD/TRY pair may find support at the 35.21, 35.10, and 35.02 levels in the short term, while upward movements are watched with resistance at the 35.30, 35.38, and 35.45 levels. The pair is hovering near the 35.30 resistance, and as long as it remains above the Envelope indicator's lower point of 35.04, there is potential for upward movement. The RSI indicator, near the 70 level, indicates a positive trend, suggesting that upward movements may continue in the short term. The pair is up 0.29% compared to the previous day, and technically, unless it sustains above the 35.38 level, it is likely to be trapped in a narrow range.