Turkish lira remains under strong pressure and eyes $7 level and record low of 2018
The Turkish lira extends steep fall against dollar which has strongly accelerated in past three month.
The currency holds in red for the sixth straight day and eyes psychological 7.00 level.
Bears are likely to clear this barrier easily and attack Aug 2018 record low at 7.1074, but traders fear that lira could fall further.
The damage caused by coronavirus lockdown was bigger in emerging markets that additionally weigh on lira.
Attempts of Turkish authorities to stem lira’s weakness by indirect interventions, so far did not give significant results, with additional problem arising from fall of CBRT’s foreign reserves below the requirement.
Res: 6.9577; 7.0000; 7.1074; 7.1500
Sup: 6.7113; 6.7000; 6.6799; 6.6082