USD/ILS Analysis 21/08: Climb Up Develops (Chart)

(MENAFN- Daily Forex) The USD/ILS is near 3.41600 as of this writing as relatively fast bids and asks are being displayed with a wide spread, which makes it rather dangerous for day traders to pursue the currency pair.

The USD/ILS has incrementally climbed the past week, having waved goodbye to lows around 3.37550, while now traversing near the 3.41600 mark depending on the rate being offered via brokers' platforms. The USD/ILS was around 3.32200 on the 23rd of July. Financial institutional may have a reason to be less confident in Israel's economic strength, but this depends on perspectives.

The Israeli government continues to face high costs regarding militarily conflict. Although the nation is calm, fiscal reports show a rather high amount of spending regarding the ongoing troubles in Gaza. The Bank of Israel also kept it interest rate in place recently. But it could be argued the move higher in the USD/ILS correlates to the broad Forex market.

Top Forex Brokers1 Get Started 74% of retail CFD accounts lose money 3.40000 Level Penetrated Higher and Sustained

Yesterday's sustained move above 3.40000 and renewed buying this morning are keeping the USD/ILS near values it traded early in August. However, it also needs to be pointed out that the currency pair touched the 3.45800 level at the end of the first week in August. While the USD/ILS has shown some price velocity in recent trading and a move higher the past handful of days, the Israeli Shekel does remain within the lower realms of its one year technical chart.

The movement higher in the USD/ILS may be a simple reaction to a lack of clarity which is sweeping through many financial institutions regarding U.S interest rates. It is widely believed the U.S Fed will reduce the Federal Funds Rate by 0.25 in the middle of September, but fears about the implications regarding tariffs effects continues to cause concerns about potential inflation developing. The broad Forex market has seen USD centric strength develop the past several days and Support Speculative Wagering

Day traders of the USD/ILS have been able to take advantage of solid price action in the currency pair the past week. There remains a low amount of volume in the USD/ILS, thus the use of risk taking tactics must be used wisely. Take profit orders are urged while wagering on the USD/ILS, this before profits disappear.

• The belief that resistance levels will start to become durable may look attractive to traders with a bearish perspective, but the USD/ILS has traded higher not too long ago.
• The Fed's important Jackson Hole Symposium will be getting underway today.
• Comments from global central bankers, including FOMC members, could cause some volatility which would spur on the USD/ILS regarding U.S interest rate clarity.
• Cautious behavior among large players today and tomorrow may keep the USD/ILS within the higher elements of its near-term range now being traded.

EURUSD Chart by TradingViewUSD/ILS Short Term Outlook:

Current Resistance: 3.41800

Current Support: 3.41300

High Target: 3.42800

Low Target: 3.40100

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