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USD/ILS Analysis Today - 11/09: Bounce Higher Awaits (Chart)
(MENAFN- Daily Forex) The USD/ILS is trading at higher values not seen for almost a month, this as the broad Forex market awaits the U.S Consumer Price Index data which will be released later today.
- After touching a low of nearly 3.62280 on the 30th of August, the USD/ILS has climbed higher.
- The price of the currency pair at this moment is near the 3.76450 mark and sideways trading has been produced in the early hours today.
- The move higher in the USD/ILS exchange rate could be translated into a correlated bullish turn in the broad Forex market, but the notion that financial institutions believed the currency pair had been oversold in late August is a definite possibility.
- The higher price action in the currency pair highlights that nervousness is affecting the attitudes of financial institutions.
- Yes, the higher move may simply be because of a lack of clarity regarding the U.S Fed's interest rate decision next week.
- But recent price action in the USD/ILS has been suspiciously bullish and the higher range now being tested is likely to produce more volatility.
- The currency pair does look overbought, but traders betting on a downturn need to be cautious over the next two days.

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