USD/ILS Analysis Today 03/07: Lower Price Range (Chart)

(MENAFN- Daily Forex) The USD/ILS continues to challenge long-term lows as the 3.36000 level appears intent on creating a magnetic like trading ground, this as the currency pair traverses values not seen since January 2023.

The USD/ILS is near the 3.36500 level as of this writing as bids and asks continue to show an inclination to gravitate within long-term depths. The Israeli Shekel has been strong, and the USD/ILS broke through the 3.40000 level in a sustained manner last Thursday and has been able to produce a rather solid test of lower realms. The USD/ILS appears to be attracted to the 3.36000 target.

Day traders of the USD/ILS must understand that volumes are light in the currency pair and that values which quickly appear on trading screens are part of the bid and ask process – meaning that momentary prices being highlighted may not be filled always by brokers unless a value is sustained for a solid duration of time consisting of a couple of minutes. The use of strict take profit orders is urged while pursuing the USD/ILS. Traders need patience with the currency pair.

Top Forex Brokers1 Get Started 74% of retail CFD accounts lose money Significant Bearish Trend Lower

The USD/ILS continues to demonstrate a significant bearish trend and the lower values are challenging marks last seen in January of 2023. The last time the USD/ILS traded below the 3.35000 price level in a sustained manner was in August of 2022. For folks who are overly ambitious and want to consider deeper bottoms, the USD/ILS was near the 3.20000 vicinity in the spring of 2022. However, that is a dream too far for short-term gambler and maybe even mid-term players. For the moment traders with visions of additional lows will want to see the 3.36000 to 3.35000 ratios challenged and proven to be attainable.

Financial institutions are showing confidence as they sell the USD/ILS. Yes, the currency pair is correlating to the broad markets, but the Israeli Shekel is also outperforming other major currencies with its downward momentum. U.S jobs numbers will be released later today. Tomorrow is Independence Day in the U.S, so the USD/ILS will become very quiet late tonight and volumes will be excessively low going into the weekend.3.35000 and Lower as Near Term Targets

Traders of the USD/ILS should remain cautious and not look for overly aggressive targets in the near-term. Some volatility upwards could be seen today if the U.S Congress doesn't pass President Trump's spending bill.

• Price levels below the 3.36000 may look very close and tempting to wager on today, but looking for the 3.35000 ratio to produce sustained price action over the next handful of hours may be difficult.
• Speculators may want to look for quick hitting trades and should consider not holding the USD/ILS over the weekend.
• Optimism is definitely being displayed by financial institutions with the bearish trajectory in the USD/ILS, but some large players may turn cautious in the near-term.

EURUSD Chart by TradingViewUSD/ILS Short Term Outlook:

Current Resistance: 3.36600

Current Support: 3.36200

High Target: 3.38600

Low Target: 3.35300

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