USD/ILS may fall 246 - 335 pips

Our pivot point stands at 3.7425.

Our preference

The downside prevails as long as 3.7425 is resistance.

Alternative scenario

The upside breakout of 3.7425, would call for 3.7576 and 3.7666.

Comment

The RSI is below 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 3.7408 and 3.7402). Finally, the USD/ILS has penetrated its lower Bollinger band (3.7197).

Supports and resistances

3.7666 **

3.7576 *

3.7425 **

3.7366

3.7045 last

3.6799

3.6710 **

3.6621 *

3.6532 **

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