Posted by Tom on July 22, 2016

The Turkish Lira is retaking some ground lost today, with USD/TRY coming down near 3.0680 after hitting fresh all-time high at 3.0965 on Wednesday.
USD/TRY under pressure as situation remains fragile
TRY continues to suffer the consequences of the recent failed coup attempt, as agency S&P has downgraded the country’s credit rating, emphasizing at the same time the increasing uncertainty surrounding both the political and economic scenarios.
In addition, the Government has announced earlier today a state of emergency for the next three months, adding effervescence to the beleaguered Lira.
USD/TRY key levels
At the moment the pair is retreating 0.67% at 3.0687 facing the immediate support at 2.9408 (20-day sma) followed by 2.8755 (low Jul.15) and finally 2.8375 (post-Brexit low Jun.24). On the upside, the next hurdle is located at 3.0965 (all-time high Jul.20).