The USD/ILS has demonstrated a rather quiet holiday price range, and found a middle ground as volumes remain very thin and speculators appear to be waiting for full market action next week.
The USD/ILS is displaying a value around the 3.6560 ratio as of this writing. Bids and asks being seen are wide due to the lack of volume in Forex because of the impending New Year’s Day holiday. The USD/ILS has produced a rather tame middle ground the past handful of days. And this is likely going to remain the story going into early next week.
Top Forex Brokers
Traders with the desire to participate in the USD/ILS in the coming hours are advised not to allow for open positions to sit through the New Year’s holiday. Trading will be mostly shuttered tomorrow. The return of trading on Thursday and Friday will see increased price action, but the results will be suspicious. Having said this, the USD/ILS has produced rather polite results the past handful of days.
Slight Upwards Trend in The USD/ILS
The current price of the USD/ILS compared to values seen two weeks ago has produced a slight upwards trend. However, the change of values has not been as big as many other currencies against the USD. The Israeli Shekel the past few months has actually been one of the stronger global currencies, particularly in the face of USD centric strength which most other major currencies have battled against.
Support levels around the 3.63000 level have been durable the past handful of days and resistance near 3.695000 seems to have produced reversals lower. However, these results are largely due to very thin trading. When Forex returns to full volumes early next week, this will be when the mid-term strength of the Israeli Shekel will be tested again. Traders should watch results early next week to see where current behavioral sentiment is situated.
Return of Full Volume Early Next Week
Traders of the USD/ILS may tend to believe the currency pair is overbought around the 3.66000 level. Speculators who insist on participating today in the USD/ILS are cautioned to be very careful, strict price entry orders should be used.
- It would be best to actually not participate in the USD/ILS until Thursday of this week, and even then volumes will be very low.
- Looking for lower price movement in the USD/ILS should not be overly ambitious, but when full trading volumes return there seems to be a chance technically that lower prices will get tested again.
USD/ILS Short Term Outlook:
Current Resistance: 3.65850
Current Support: 3.63100
High Target: 3.66700
Low Target: 3.62400
Ready to trade our Forex daily forecast? We’ve made a list of some of the best regulated brokers in Israel to choose from.