USD/TL

1.75 levels has been long-term support for the USD/TL. In the last quarter of 2011, cross rate breached above 1.75 levels and since then price has been consolidating above this critical technical support level. Over the past week, cross rate rebounded from the horizontal support to test the year-long trend resistance at 1.80 levels. Breakout above 1.80 can push USD/TL towards 1.92 levels. Breakout on the RSI could be the early warning signal for a possible breakout on the price chart. Above 1.80 levels expect further weakness for Turkish lira.