USD/ILS may fall 255 - 341 pips

Our pivot point is at 3.7698.

Our preference

The downside prevails as long as 3.7698 is resistance.

Alternative scenario

The upside breakout of 3.7698, would call for 3.7843 and 3.7930.

Comment

The RSI is below its neutrality area at 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 3.7622 and 3.7595). Finally, the USD/ILS is trading below its lower Bollinger band (standing at 3.7521).

Supports and resistances

3.7930 **

3.7843 *

3.7698 **

3.7641

3.7511 last

3.7256

3.7170 **

3.7084 *

3.6997 **

Number of asterisks represents the strength of support and resistance levels.