USD/ILS Analysis Today - 13/11: Support Tested (Chart)

(MENAFN- Daily Forex) The USD/ILS has moved to a higher ratio in early trading this morning, but the known range of the currency pair has been able to provide a rather comfortable technical interpretation.

• While many other major currencies have lost large amount of value against the USD in the past week of trading the USD/ILS has done rather well.
• The currency pair is near the 3.76040 ratio as of this morning and, yes, it is touching highs, but importantly it is below the apex mark hit last Wednesday as a reaction to Donald Trump's election caused volatility in all of Forex.

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The USD/ILS is correlating to the broad Forex market having experienced a run higher the past couple of days, but importantly the currency pair remains within its known range. The outlook for the USD/ILS has been nervous for a bit more than a year, and the Middle East conflict is still ongoing. The upper realm of the USD/ILS continues to show an abundant amount of resistance between the 3.76000 to 3.78000 realm depending on behavioral sentiment. However, taking into account Israel is fighting a war the ability to produce a durable resistance level in the USD/ILS is worthwhile to acknowledge and potentially attractive for bearish wagers Realms Before U.S Economic Data Later Today

The U.S will release important CPI data later today. The inflation number will be important and may cause a reaction of selling in the USD/ILS if the results are weaker than anticipated. Financial institutions worldwide appear nervous about their mid-term outlooks in Forex as they try to come to terms with the potential of new U.S policy with a new President in the White House. However, financial institutions have been dealing with nervousness because of the Middle East conflict for over a year and domestic political concerns which are still being debated. Support levels are likely not about to become vulnerable in the USD/ILS.

The USD/ILS did touch lows around the 3.7200 to 3.71000 level on Thursday of last week, this after a shift lower on Wednesday when the Trump victory was being digested and then before and after the U.S Federal Reserve's interest rate cut. The range between the 3.73000 and 3.7600 has been rather constant and day traders speculating on the USD/ILS need risk management to get out of trades effectively. They should also note spreads on bids and asks remain wide Reactions to U.S Data in the USD/ILS

Today and tomorrow in the USD/ILS will be interesting. Financial institutions will certainly react to the Consumer Price Index data from the State later today. Taking into account the Federal Reserve cut interest rates last week, but expressed a cautious outlook, the USD/ILS appears to remain within a rather steady equilibrium.

• The price of the USD/ILS might remain boxed in within the rather tight price range it has developed in the near-term.
• This could allow for opportunistic wagers using support and resistance levels technically, but traders trying to take advantage of momentum need to use strict risk taking tactics with entry price and take profit orders.

USD/ILS Short Term Outlook:

Current Resistance: 3.76070

Current Support: 3.75500

High Target: 3.76160

Low Target: 3.73900

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