USD/ILS 1H Chart: Senior channel dominates
The US Dollar has strengthened against the Israeli Shekel since mid-March. This upward movement has allowed the rate to move from the bottom boundary of a senior channel up to its upper line and the monthly R1 near 3.6360.
The pair changed its sentiment during the previous trading weeks, thus falling down to 3.5770 mid-Monday. It seems that the following trading session or two might mark a reversal to the upside.
This movement, however, should not be long-lived, as the 200– and 100-hour SMAs and the 55-period SMA (on 4H chart) are located at 3.60. It is expected that the pair fails to overcome this mark and resumes its decline down to the senior channel in the 3.50/52 area.
In case the 3.60 mark is breached, traders should see a further surge up to the medium-term channel and the nine-month high of 3.64.
The pair changed its sentiment during the previous trading weeks, thus falling down to 3.5770 mid-Monday. It seems that the following trading session or two might mark a reversal to the upside.
This movement, however, should not be long-lived, as the 200– and 100-hour SMAs and the 55-period SMA (on 4H chart) are located at 3.60. It is expected that the pair fails to overcome this mark and resumes its decline down to the senior channel in the 3.50/52 area.
In case the 3.60 mark is breached, traders should see a further surge up to the medium-term channel and the nine-month high of 3.64.
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