(MENAFN- Daily Forex) As of this morning the USD/ILS is near the 3.30050 ratio with a wide spread being displayed, this as the currency pair remains with the lower elements of its long-term price range but sees moments of volatility.

The USD/ILS was touching the 3.25000 vicinity on early Friday of last week. The Israeli Shekel has experienced light trading the past couple of weeks due to the holiday season in Israel. However, the Israeli Shekel has continued to show a tendency to be strong and test its long-term lower values. The USD/ILS touched the 3.23800 ratio last Thursday. The currency pair is near the 3.30050 mark as of this writing.

Lows last week were hit with a sudden dose of buying late on Friday via the White House rhetoric regarding tariffs on China which caused a reaction in the broad financial markets. By Monday the USD/ILS was around the 3.30000 level and Tuesday's trading saw a momentary high of nearly 3.33880. However, it need to be stressed results in the USD/ILS have been effected by low trading volume because of holidays, so traders should be slightly suspicious of results the past handful of days of Holidays and Lower Realms Clearly in Sight

The Israeli Shekel has seen a significant amount of strength over the past year, but support levels have been extremely durable. While looking for more downside in the USD/ILS may feel tempting and the currency pair certainly touched lower values in the past week, traders cannot count on ultra-fast moves. Results in the USD/ILS will take a certain amount of patience, particularly when cautious leverage is being used.

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The 3.30000 level today and tomorrow may prove to be a rather intriguing barometer and speculative traders who believe the USD/ILS can move lower may want to be sellers above this mark. The U.S government shutdown is still in effect. Financial institutions are largely trading based on their belief that the U.S Federal Reserve will lower its interest rate again on the 29th of October. However, it is likely the interest rate cuts have been factored into the USD/ILS already. Behavioral sentiment is cautious in the broad markets and a Convincing Bearish Trend

Financial institutions trading the USD/ILS continue to show signs of leaning into a bearish trend.

• The clear trading that has taken place below the 3.30000 ratio could be tested again in the short and near-term.
• However, traders should not get too confident and use solid take profit orders that match their technical perspectives regarding price goals.
• Aiming for the 3.28000 to 3.27000 marks in the USD/ILS may fee correct, but this may be too overly optimistic for day traders without deep pockets.

EURUSD Chart by TradingViewUSD/ILS Short Term Outlook:

Current Resistance: 3.30150

Current Support: 3.31500

High Target: 3.29750

Low Target: 3.27100

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