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The USD/TRY pair is moving in an extremely narrow corridor with borders 18.8000–17.7600, artificially held there for a long time.

Turkish authorities continue to implement alternative monetary policy, cutting the interest rate to fight inflation, which at the end of last year corrected to 64.27%, the second consecutive monthly fall from 84.39% in November. Yesterday, the country's leader Recep Tayyip Erdogan noted that the adjustment of the indicator, which is now at 9.00%, will continue further as the "dovish" rhetoric demonstrates its effectiveness. Ahead of the June presidential election, the official raised the minimum wage by 55.0% to ease pressure on households and also announced a measure that would allow more than two million people to retire early despite the additional strain on the national budget. Today, new data on the dynamics of consumer prices will be published, and analysts suggest that they will be corrected to 53.50%.

The US dollar reversed and formed a local growth, reaching 101.700 in the USD Index against the positive report on the labor market, according to which initial jobless claims decreased to 183.0K from 186.0K earlier and was much better than the predicted increase to 200.0K. The total number of citizens receiving support from the state also fell to 1.655M compared to 1.666M last week.

On the four-hour chart, the trading instrument is moving within the next wave of the global side corridor.

Technical indicators keep an unstable buy signal: the EMA fluctuation range on the Alligator indicator is in uncertainty, changing direction weekly, and the AO histogram forms corrective bars in the buy zone.

Resistance levels: 18.8400, 18.9100. | Support levels: 18.7700, 18.6800.