USD/ILS may rise 292 - 382 pips

Our pivot point is at 3.7296.

Our preference

Look for a drop towards 3.7296 before a bounce.

Alternative scenario

Below 3.7296, expect 3.7146 and 3.7057.

Comment

The RSI is above 50. The MACD is negative and below its signal line. The penetration of 50 on the RSI would call for further downside. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 3.7478 and 3.7462).

Supports and resistances

3.8051 **

3.7961 *

3.7872 **

3.7782

3.7490 last

3.7355

3.7296 **

3.7146 *

3.7057 **

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