Table of Contents
Affiliate Disclosure
Affiliate Disclosure DailyForex.com adheres to strict guidelines to preserve editorial integrity to help you make decisions with confidence. Some of the reviews and content we feature on this site are supported by affiliate partnerships from which this website may receive money. This may impact how, where and which companies / services we review and write about. Our team of experts work to continually re-evaluate the reviews and information we provide on all the top Forex / CFD brokerages featured here. Our research focuses heavily on the broker’s custody of client deposits and the breadth of its client offering. Safety is evaluated by quality and length of the broker's track record, plus the scope of regulatory standing. Major factors in determining the quality of a broker’s offer include the cost of trading, the range of instruments available to trade, and general ease of use regarding execution and market information.
toc-menu-hamburger.png
table of content

Table of Contents

toggle-toc.png

USD/ILS Forecast: Greenback Climbs Against Israeli Shekel

By Christopher Lewis
Christopher Lewis has been trading Forex and has over 20 years experience in financial markets. Chris has been a regular contributor to Daily Forex since the early days of the site. He writes about Forex for several online publications, including FX Empire, Investing.com, and his own site, aptly named The Trader Guy. Chris favours technical analysis methods to identify his trades and likes to trade equity indices and commodities as well as Forex. He favours a longer-term trading style, and his trades often last for days or weeks.
  • The US dollar has rallied slightly during the trading session on Thursday against the Israeli shekel, as the overall action over the last couple of months have suggested a bit of a “bullish flag” setting up.
  • Granted, this takes a little bit of artistic license to see it, but you can clearly see how we had shot higher, only to pull back and then find a bit of support.

USD/ILS Forecast Today - 10/05: Bullish Flag (Chart)

What also makes it interesting is that it occurred and the 200-Day EMA, and the 50-Day EMA as well. All things being equal, that should attract a certain amount of technical trading, and therefore one has to pay close attention to it. The other thing to pay close attention to is the fact that we are struggling with the 3.75 ILS level, which has been important a couple of times in the past. If we can break above there, then it’s likely that the market could go looking to reach the recent swing high, near the 3.85 ILS level.

Top Forex Brokers

1
Get Started 74% of retail CFD accounts lose money Read Review

Buying On the Dips

The US dollar is certainly going to be favored in the environment right now, due to the fact that there are so many geopolitical issues out there that continue to move currencies, most specifically the US dollar. The fact that one of the biggest areas of geopolitical concern is literally the Israeli area itself, this cannot be forgotten as well. Quite frankly, in a situation where interest rates continue to rise in the United States, or at the very least are going to stay higher for longer, it does make a certain amount of sense that the US dollar will be a winner.

Underneath, the 3.70 ILS area offers a significant amount of support, as it should have quite a bit of “market memory” built into it, as the area previously had been a significant amount of resistance just for 5 weeks ago. In general, this is a market that looks like it is entering a set up to the upside, but it should also be noted that this pair is typically very choppy, so I do think at this point in time it’s probably best to temper your expectations of huge moves but recognize that this is relatively positive at the moment.

Ready to trade our daily Forex forecast? Here’s a list of some of the top forex brokers in Israel to check out.

Christopher Lewis
About Christopher Lewis
Christopher Lewis has been trading Forex and has over 20 years experience in financial markets. Chris has been a regular contributor to Daily Forex since the early days of the site. He writes about Forex for several online publications, including FX Empire, Investing.com, and his own site, aptly named The Trader Guy. Chris favours technical analysis methods to identify his trades and likes to trade equity indices and commodities as well as Forex. He favours a longer-term trading style, and his trades often last for days or weeks.
 

Most Visited Forex Broker Reviews