USD/TRY retreats from highs, back below 2.94

The Turkish Lira has quickly regained traction on Monday after dropping to fresh multi-month lows vs. the greenback on Friday.

USD/TRY sidelined around 2.9400

The pair spiked higher late on Friday following a military coup attempt in Turkey, prompting TRY to depreciate to levels last seen in January around the 3.05 area.

However, the uprising has quickly come to an end and the Government remains in control of the country, alleviating concerns by the time Asian markets opened on Monday.

USD/TRY key levels

At the moment the pair is retreating 2.49% at 2.9387 facing the immediate support at 2.9311 (55-day sma) followed by 2.9143 (200-day sma) and finally 2.8375 (post-Brexit low Jun.24). On the upside, a break above 3.0057 (‘Brexit’ spike Jun.24) would pave the way for a test of 3.0145 (high May 24) and then 3.0630 (2016 high Jan.20).