USD/ILS Analysis Today - 21/02: USD/ILS Spikes, Data Woes
Date
2/22/2024 9:05:29 AM
(MENAFN- Daily Forex)
The USD/ILS is trading near the 3.69340 ratio as of this morning with swift upwards trading having been demonstrated the past day and a half. Israel released economic data early this week which showed its Economy is facing problematic consequences due to its war with Hamas. The USD/ILS was trading near the 3.60500 mark as of Monday morning, yesterday's high was near 3.69000 late in the night, a reversal lower followed to about the 3.65900 vicinity early today, but has been followed by another push higher.
The 3.60000 level in the USD/ILS certainly proved to be a rather durable support ratio when it was hit in late December of 2023. The USD/ILS traded at a high of nearly 4.09075 as fears caused a bullish trajectory in in the wake of the war escalating in late October, but then calm developed and the currency pair started to correlate with the broad Forex market again. The ability to track to lows in late December mirrored other major currency pairs teamed against the USD Centric but Domestic Issues Worry Financial Institutions
The USD/ILS did climb to the 3.80000 ratio in the middle of January, but by the last day of the month was near the 3.62000 level. The past few weeks saw rather correlated trading to the USD within the USD/ILS as a high of 3.70500 was challenged on the 8th and 12th of February. Traders who were actively speculating on the USD/ILS were able to essentially trade a practical technical range which had developed.
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Whispers in the Israeli press that domestic business conditions were suffering due to the war with Hamas were proven correct upon the publication of Israel economic data earlier this week. GDP numbers fell off a cliff. Worries about foreign investment into Israeli startups were given voice, and public consumption showed citizens had become conservative regarding spending. The GDP numbers fall was comparable to the numbers displayed when coronavirus hit. Wars historically have a way of causing economic chaos and the Israeli economy has struggled as expected Attitudes have to Battle Support and Resistance Near-Term
The highs being challenged today have seen ratios from only a week ago. The 3.70000 ratio should be watched by traders. If this level is penetrated higher and sustained, it would signal additional nervousness among financial institutions regarding the USD/ILS. If resistance does prove durable it still may be difficult to create a swift downturn in the near-term. Speculators should not get overly ambitious and look for quick hitting targets.
The USD/ILS has moved fast the past day and a half and traders need to use risk management to guard against volatility. A range between 3.67000 to 3.70500 should be watched to see if it holds. If a strong move were to occur in the near-term, some speculators might believe it is to the upside.
USD/ILS Short Term Outlook:
Current Resistance: 3.70200
Current Support: 3.68900
High Target: 3.73600
Low Target: 3.66900
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