The USD/TRY exchange rate has been consolidating at the 6.8600 level since the middle of June.
Given that the currency pair is supported by the 55-, 100– and 200-hour SMAs near 6.8600, it is likely that some upside potential could prevail in the market, and the pair could target the psychological level at 7.2500.
Meanwhile, note that the exchange rate could face the resistance formed by the monthly R1 at 6.9289. If the given level holds, it is likely that a reversal south could occur, and the rate could decline to the 6.7000 level.
