(MENAFN- Daily Forex) The USD/ILS is traversing in lower ratios early this morning, this as the 1.33800 vicinity is being tested after highs around the 1.37150 ratio were seen this past Monday.

The USD/ILS has provided traders with a rather tight and fairly opportunistic price realm the past two weeks. After seeing slight pressure upwards last week which brought the 1.36000 ratio into play after touching lows around the 1.30000 the week before, the USD/ILS has again tracked lower and is near the 1.33800 level as of this writing.

The price band in the USD/ILS has been rather tight. After falling through the 1.34000 level yesterday and challenging the 1.32300 location, early trading this morning touched those depths again, but has incrementally crept slightly higher. However, the USD/ILS remains seemingly locked into the lower boundaries of its long-term price range and doesn't show any signs of suddenly reversing violently upwards.

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Volumes in the USD/ILS are low, speculators who venture into the currency pair must have patience and use entry price orders in order to take advantage of the movement. Perhaps moves higher technically today and tomorrow will be perceived as areas to ignite selling positions which believe support will once again be tested. Conservative leverage should be used and traders should find out if they will be charged an overnight fee for allowing a position to trade into the next day.

Risk appetite globally has shown sparks again this week, U.S equity indices are in record territory and the USD is showing some weakness in Forex. The Israeli Shekel is correlating to the rather weakened USD well. However, traders should not get too confident and note that the 1.32000 to 1.33000 levels in the USD/ILS have sparked upwards movement the past two days. Yet, there is evidence from earlier in July the USD/ILS can challenge the 1.30000 mark and lower.

EURUSD Chart by TradingViewTechnical Speculation and Near-Term Risk Tactics

Overly ambitious targets in the USD/ILS could prove to be troublesome for short and near-term traders today and tomorrow. It is not advised to carry the USD/ILS over the weekend because of the possibility of news to develop from the Middle East which could catch traders off guard.

• There are no current outlandish threats or saber rattling, but holding a selling position for day traders over the weekend is not a good risk taking method unless they have deep pockets.
• If the USD/ILS flirts with prices over the 1.34000 level and approaches the 1.35000 vicinity, short-term traders may want to sell the USD/ILS to look for lower price action.
• Trying to use support levels to pursue upwards momentum can be done too, but risk management should include stop loss orders to guard against sudden moves which happen without warning, this because a large player has placed a big order in a rather low volume Forex environment and has caused a spike.

USD/ILS Short Term Outlook:

Current Resistance: 3.33930

Current Support: 3.33500

High Target: 3.34900

Low Target: 3.31980

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