Today's TRY to XOF Price Update

Summary

This report provides the real-time exchange rate between the Turkish Lira (TRY) and the West African CFA Franc (XOF), helping traders quickly grasp market dynamics and identify potential trading opportunities.

Definition

The Turkish Lira (TRY) is the official currency of Turkey, while the West African CFA Franc (XOF) serves as the currency for several West African nations. The exchange rate between them reflects market perceptions of both currencies’ relative value and stability in international forex markets.

Today’s Price

• 1 TRY = 12.98 XOF
• 24h High: 13.0131 XOF
• 24h Low: 12.9691 XOF

Market Analysis

Recent TRY/XOF price movement reflects typical forex market volatility with a trading range of approximately 44 basis points over the 24-hour period.

• Technical indicator: The 14-day Relative Strength Index (RSI) stands at 44.311, suggesting a bearish sentiment for the pair
• Risk note: The RSI reading indicates potential downward pressure; traders should monitor for continued weakness or stabilization signals
• Trading opportunities: Watch for potential support levels near the 24-hour low of 12.9691 XOF and resistance near the 24-hour high of 13.0131 XOF

Conclusion

Continue to monitor the TRY/XOF pair closely, integrating technical indicators with broader forex market trends. Traders should remain attentive to support and resistance levels while considering the current bearish technical signals in their trading strategies.