USD/ILS Analysis Today

Current Status:

- USD/ILS is trading near the 3.74710 level.
- Technical conditions remain nervous, as the pair hovers within the higher range of its mid-term values.
- With the U.S. celebrating Independence Day, trading volumes are expected to be very light, potentially leading to slow but occasionally volatile movements.

Recent Activity:
After an initial surge at the start of the week, reaching around 3.78925, USD/ILS experienced a slight selloff, dipping to 3.74197. This has been the week's low so far. With two days of trading left, support levels may continue to be tested, but due to low volumes, traders should approach with caution.

Market Sentiment:
Trading conditions are fragile due to ongoing military conflict, economic concerns, and domestic political instability in Israel. These factors have kept USD/ILS within the upper boundaries of its mid-term range. Day traders should consult one and three-month charts for better insights.

Short-Term Trends:
Despite a downturn from yesterday's high near 3.77660, traders should be cautious about expecting a continued downward trend due to today's light trading volumes. It's advisable to stay on the sidelines in the near term. Tomorrow's U.S. Non-Farm Employment Change and Average Hourly Earnings reports are unlikely to significantly impact USD/ILS due to the holiday, with more activity expected next Monday and Tuesday when normal volumes resume.

Support and Resistance:
Short-term traders should be cautious of the lower realms of USD/ILS. The pair's persistence in testing resistance indicates ongoing nervousness in the Israeli Shekel. The 3.77000 level has been challenged multiple times this week.

Key Points for Traders:
- Utilize take profit and stop loss orders due to light volumes.
- Watch the support range of 3.74600 to 3.74450.
- The last significant move below 3.74000 occurred on June 25th.

Short Term Outlook:
- Current Resistance: 3.74950
- Current Support: 3.74640
- High Target: 3.77300
- Low Target: 3.73990