USD/TRY (U.S. DOLLAR/TURKISH LIRA)

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USD/TL chart tells us 1.75-1.76 is strong support and unless broken on the downside dollar will continue to stay strong against Turkish Lira. Over the past week, USD/TL rebounded from 1.75 for the third time in the past 7 months. 1.75-1.76 area is long-term horizontal support and also a strong support level for the 200 day moving average. USD/TL will move between 1.75 and 1.90. Watch this crossrate with a bullish outlook (USD strength) with a long-term stop loss at 1.75.