USD/TRY: The aggressive uptrend is slowing down – Credit Suisse

The aggressive uptrend in USD/TRY is now showing significant signs of slowing, as analysts at Credit Suisse note.

Key quotes

“The USD/TRY daily MACD momentum is holding a top, bear cross and bearish divergence.”

“We are highly alert to a retracement lower, with a close below the 13-day exponential average at 7.0370 seen as confirming our suspicions, opening the door to a slide back to 6.9444/9244, then the 38.2% retracement of the rally from late March at 6.7964.”