USD/ILS may fall 257 - 373 pips

Our pivot point stands at 3.7344.

Our preference

As long as 3.7344 is resistance look for 3.6796.

Alternative scenario

The upside breakout of 3.7344, would call for 3.7539 and 3.7655.

Comment

The RSI is above 50. The MACD is below its signal line and negative. The penetration of 50 on the RSI should trigger further losses. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 3.7172 and 3.7181).

Supports and resistances

3.7655 **

3.7539 *

3.7344 **

3.7268

3.7169 last

3.6912

3.6796 **

3.6680 *

3.6564 **

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