USD/ILS Analysis Today - 20/06: Support Range Battle (Chart)
Date
6/20/2024 3:22:23 PM
(MENAFN- Daily Forex) The USD/ILS is close to near-term support in early trading this morning, but intriguingly the currency pair is displaying higher technical ratios recently.
The USD/ILS pair has moved towards the 3.70950 level in early trading this morning as some selling has been displayed. The high for the USD/ILS yesterday was around the 3.72945 region and traders need to take into account yesterday was a banking holiday in the U.S which impacted volume. However, even as the USD/ILS has moved lower this morning, intriguingly the currency pair appears to be battling a higher level of technical support.
The USD/ILS has had a difficult time sustaining price momentum downwards below the 3.70880 vicinity. While a low around the 3.70575 seems to be a technical support realm which is slightly lower, the USD/ILS has certainly displayed a tendency to bounce higher when these support ratios have been challenged. Yes, there was an outlier that happened on early Monday of this week, but again the USD/ILS still remained above the 3.70000 level/ILS Support and Existing Sentiment
Yesterday's high wasn't the apex for the week, the 3.74550 area got a brief test on early Monday before the USD/ILS showed resistance levels are working too. The move higher on Monday was a result possibly of nervous sentiment being generated regarding the faltering power within the coalition government which now appears vulnerable. And perhaps the questions about the leadership of Israel's government have sparked nervousness among financial institutions which have kept the USD/ILS fluttering above a higher support level compared to the one demonstrated last week.
Speculators still have an opportunity to wager on the rather tight range of the USD/ILS. The notion that the 3.71000 level is now in play, and will become a lynchpin for traders today and tomorrow will likely remain evident. If the currency pair sustains value below the 3.71000 level in the coming hours it will show that some large players may think the USD/ILS remains in overbought territory.
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U.S Data as the Week Concludes for the USD/ILS
There will not be a significant amount of economic data from the U.S today or tomorrow. Yes, weekly unemployment numbers will be published today in the U.S and tomorrow Purchasing Managers Index readings will be seen. However, it is the outlook mid-term regarding interest rates from the U.S that remains the biggest USD centric input and domestic Israel concerns that are creating support.
The USD/ILS in the near-term will likely continue to dominate a rather tight range. What should intrigue traders is where support levels will prove durable and if this will create an opportunity to speculate on some quick hitting reversals higher being generated.
USD/ILS Short Term Outlook:
Current Resistance: 3.71040
Current Support: 3.70920
High Target: 3.72200
Low Target: 3.69990
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