View: try.jpg

Weekly log chart of USD/TRY showing a cup and handle formation. Turkey's central bank has thrown most of its foreign reserves at flatlining USD/TRY over the last few weeks. The currency is about to be downgraded to the same level as many countries in Africa. I think that there is no limit as to how high this will go. But let's pretend that an Andrews Pitchfork might put a ceiling on where this goes. Where the handle of the pitchfork is buried in mid-January of 2008.