FxNews—The USD/ILS currency pair trades sideways in a narrow range between the 3.77 immediate resistance and the 3.70 immediate support. The low momentum market is also depicted in the technical indicators where RSI and Stochastic move alongside the median line.
USDILS Stays Bullish Above 100-SMA
Despite USD/ILS being in a low-volatility market, the primary trend should be considered bullish because the prices are above the 100-period simple moving average.
From a technical perspective, the uptrend should resume if bulls pull the prices above the immediate resistance (3.77). In this scenario, the prices could rise to 3.81.
On the other hand, if USD/ILS closes and stabilizes below the immediate support, not that it invalidates the bullish outlook, it could also result in the prices dipping toward 3.68 followed by 3.62.
- Support: 3.70 / 3.68 / 3.625
- Resistance: 3.77 / 3.81