The Turkish lira has quickly reverted the bout of selling pressure following the CBRT announcements, sending USD/TRY back to the area of lows near 2.8750. USD/TRY choppy post-CBRT The pair found strong resistance in the vicinity of 2.8940 – where sits the key 200-day sma – after the Turkish central bank (CBRT) has lowered by 25 bp its Overnight Marginal Funding Rate to 10.50% from 10.75%, leaving unchanged instead the Overnight Borrowing Rate at 7.25% and the One-week Repo Rate at 7.50%. Spot is now trading almost unchanged, keeping alive the rebound from recent YTD lows at 2.8370 posted last Friday. USD/TRY key levels At the moment the pair is up 0.04% at 2.8762 facing the next hurdle at 2.8937 (200-day sma) followed by 2.8971 (20-day sma) and finally 2.9232 (38.2% Fibo of 3.0630-2.8370). On the other hand, a breakdown of 2.8370 (2016 low Mar.18) would aim for 2.8120 (low Nov.20 2015) and then 2.7540 (low Nov.2 2015). For more information, read our latest forex news.